Summary by Moomoo AI
Nanjing Panda Electronics Co., Ltd. ("the Company") recently responded to the Information Disclosure and Regulatory Work Letter on the 2023 Annual Report of the Shanghai Stock Exchange, explaining the situation of the Company's net loss of RMB 238 million attributable to shareholders in 2023. This loss was mainly due to the fact that its equity-invested company, Nanjing LM Ericsson Panda Communications Co., Ltd. (ENC), was required by the tax authority to pay RMB 1.424 billion in back taxes due to transfer pricing issues and recognized it as a liability. The chairman of ENC later stated that the remaining RMB 1.288 billion in tax payment would be borne by ENC itself, resulting in a full provision of impairment of long-term equity investment in...Show More
