A director of CHINA HONGBAO has temporarily lost contact
CHINA HONGBAO announced that a director of its wholly-owned subsidiary Yuanwei New Materials Holdings Limited, Wu Yuexiang, has temporarily lost contact. The company discovered that all desktop computers and accounting documents of Yuanwei had been removed and has reported the matter to the Hong Kong police. Another director, Mr. Hua, is assessing the asset loss situation and conducting an internal investigation. The construction division's operations have been suspended, and the group is seeking legal advice to mitigate potential losses
According to the announcement from CHINA HONGBAO (08316), a director of its indirect wholly-owned subsidiary, Yuanwei New Materials Holdings Limited (Yuanwei, registered in Hong Kong and engaged in construction business), Mr. Wu Yuexiang, has temporarily lost contact. As disclosed in the company's annual report for the year ending March 31, 2025, the construction segment generated revenue of approximately HKD 46.2 million, accounting for about 57.1% of the group's total revenue. The group has sent personnel to Yuanwei's office and found that all desktop computers and operational and accounting documents had been removed by unidentified individuals. The group has reported this matter to the Hong Kong police.
Another director and executive director of Yuanwei, Mr. Hua, is currently assessing the situation regarding the other assets and documents that were taken and is collecting necessary information while conducting an internal investigation to identify the individuals who may have removed those assets and documents. As a result, the group's construction segment business has been suspended. The group is also seeking professional legal advice, including but not limited to measures to minimize the group's potential losses
