Hong Kong Stock Market News | Sun Hung Kai Properties' subsidiary, Xuhui Yongsheng Services, resumes trading and plummets nearly 60% after a six-month suspension. Last year's net profit declined by 22% YoY.

According to Dolphin Research APP, Xuhui Yongsheng Services (01995) resumed trading after a six-month suspension and plummeted nearly 60% in early trading. As of the time of writing, it has fallen by 58.69% to HKD 1.26, with a turnover of HKD 14.6564 million.

On the news front, on the evening of September 26, Xuhui Yongsheng Services released an announcement officially disclosing the main results of the independent review of the alleged RMB 1.8 billion related party transactions raised by its former auditor, Deloitte. The audit committee believes that the management's previous claim that "the related transactions have sufficient commercial substance and business rationale" is unquestionably true, and there is no recommendation to conduct further investigation. Therefore, the company believes that Deloitte's allegations have not had any impact on the company's business operations and financial condition, and no remedial action is necessary.

At the same time, Xuhui Yongsheng Services reissued its 2022 annual report and 2023 interim report. The 2022 annual report shows that the company achieved revenue of RMB 6.276 billion last year, a year-on-year increase of 33.46%; the net profit attributable to owners of the company was RMB 480 million, a year-on-year decrease of 22.19%. In addition, the company achieved revenue of approximately RMB 3.184 billion in the first half of this year, a year-on-year increase of approximately 0.7%; the net profit attributable to owners of the company was approximately RMB 240 million.