On December 6, Glonghui announced that Dongguang Chem (01702.HK) received a notification on November 21, 2024, from the Tax Inspection Bureau of Cangzhou City, China, regarding the results of a tax inspection targeting Hebei Dongguang, a wholly-owned indirect subsidiary. According to the tax notification, Hebei Dongguang is required to pay additional Chinese taxes amounting to approximately 58.4 million yuan.
As of the date of this announcement, the group has paid the additional tax. It is expected that this payment will have some impact on the group's overall profit for the year ending December 31, 2024.
