Asiaray Media Group Issues Urgent Clarification on Suspected Fraudulent Activities and Warns of Scam Schemes

Asiaray Media Group Limited (Stock Code: 1993), a leading out-of-home media company listed in Hong Kong, has issued a critical announcement concerning recent fraudulent activities misusing its corporate identity. The company is taking decisive legal steps to protect its reputation and warn the public and investors against potential scams.

Key Points from the Announcement

• Suspected Fraudulent Activities: The Group has identified illicit telecommunications network activities involving the illegal development and operation of counterfeit mobile applications that falsely use the Asiaray name and branding.
• Spread of False Information: Certain unidentified entities have also been spreading false information on online platforms, falsely alleging that Asiaray’s mobile application is fraudulent and engaging in misleading operations under the pretense of helping victims recover funds.
• Legal Action Initiated: Asiaray has appointed the Shenzhen branch of Yingke Law Firm (a prominent Beijing-based law firm) to issue a formal reprimand and censure via a Chinese public statement. This statement is available on the company’s official website.
• Clear Denial of Involvement: The company asserts that it is not associated with any of these fraudulent activities. Importantly, Asiaray has never developed or operated any mobile application related to wealth management, cash-back tasks, or rebate schemes under its name or any similar names. No third party has been authorized to conduct such activities on behalf of the Group.

Important Information for Shareholders and Investors

• Potential Impact on Company Reputation and Share Value: Fraudulent schemes using the company’s identity can severely impact Asiaray’s brand reputation and may lead to negative investor sentiment if not promptly addressed. The company’s proactive legal response and public clarification aim to mitigate these risks.
• General Warning to the Public: Investors and the general public are strongly advised to exercise extreme caution, especially regarding telecommunications and online fraud. The company urges everyone not to download unfamiliar mobile applications from unverified sources and to verify the authenticity of any information relating to Asiaray.
• Management’s Direct Involvement: The statement is released with the authority of the Board, led by Chairman Lam Tak Hing, Vincent JP, ensuring that the highest level of management is directly addressing these concerns.
• Transparency: The company has provided the full text of the public legal statement on its website, demonstrating transparency and commitment to investor communication.

Board Composition

As of the date of the announcement (16 March 2026), the Board consists of:

• Executive Directors: Mr. Lam Tak Hing, Vincent JP and Mr. Kwan Tat Cheong
• Non-executive Director: Ms. Wu Xiaopin
• Independent Non-executive Directors: Mr. Ma Andrew Chiu Cheung, Mr. Ma Ho Fai GBS JP, and Ms. Mak Ka Ling

What Investors Should Watch For

• Ongoing Legal Proceedings and Further Updates: Investors should monitor for further updates from the company regarding the progress of legal actions and any impact on business operations or reputation.
• Increased Vigilance Required: Market reaction may depend on how effectively Asiaray contains the misinformation and reassures stakeholders about the authenticity and security of its operations.

In summary: This announcement is significant as it addresses a potentially price-sensitive issue involving fraudulent impersonation of Asiaray’s brand. The company’s swift legal and public relations response is critical to maintaining trust and protecting shareholder value.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research and consult professional advisers before making any investment decisions. The author and publisher are not responsible for any actions taken based on the information provided above.

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