Key Points from the Supplemental Announcement

• Delay in Audit Procedures: Modern Land (China) Co., Limited has announced a significant delay in the publication of its 2025 Annual Results, primarily due to heightened government supervision over certain subsidiaries. The audit process has been affected by regulatory controls instituted by the PRC central government under the “保交樓” (Ensuring Delivery of Property Units) initiative.
• Regulatory Restrictions: The Housing and Urban-Rural Development Bureaus (住建局) have imposed strict controls on the use of company chops and bank seals for subsidiaries involved in the initiative. These controls require prior government approval for the use of company chops, including for essential audit confirmations to banks and other parties. The approval process is multi-step and has considerably lengthened the audit timeline.
• Impact on Audit Documentation: As of the announcement date, about 25% of required bank confirmations for the audit have not been obtained, and another 25% have not yet been dispatched, due to pending approvals. The finance department is experiencing resource constraints, largely caused by ongoing liquidity issues, and more manpower and time have been dedicated to managing government supervision matters.
• Additional Delays: The preparation and supply of other key audit materials—including data for investment property valuation, profit and cash flow forecasts for asset impairment assessments, and going concern evaluations—have also been substantially delayed. These delays are impacting the overall audit workflow and the finalization of financial statements.
• Expected Timeline: The company expects to resolve outstanding issues and provide all necessary information to the auditor by May 2026. The consolidated financial statements and disclosure notes will be prepared in June 2026, with the audit expected to be finalized by the end of June 2026. Subject to the timely completion of procedures and no unforeseen circumstances, the 2025 Annual Results are expected to be published by the end of June 2026.
• Board Composition: The Board consists of seven directors: three executive directors (Zhang Peng, Zhang Lei, Chen Yin), one non-executive director (Zeng Qiang), and three independent non-executive directors (Hui Chun Ho, Eric; Gao Zhikai; Zhu Caiqing).

Important Considerations for Shareholders

• Potential Price Sensitivity: The delay in the release of the annual results may create uncertainty regarding the company’s financial health and operational stability, especially as the delay is linked to government intervention and liquidity constraints. Investors should be aware that prolonged uncertainty or further delays could impact sentiment and share price.
• Government Supervision Risks: Increased government oversight under the “保交樓” initiative, including mandatory approval for company chops and bank seals, may signal ongoing regulatory risks for the company and its subsidiaries. This could affect future operations and financial reporting timelines.
• Operational and Liquidity Challenges: The company has acknowledged tight human resources and liquidity issues, which may affect its ability to respond quickly to regulatory requirements and complete its audit processes. This is a material risk for shareholders, especially those concerned about the company’s going concern status.
• Further Announcements: The company will issue additional announcements to update shareholders and potential investors on material developments and the expected publication date of results as soon as it is confirmed.
• Caution Advised: Shareholders and potential investors are advised to exercise caution when dealing in the company’s shares.

Conclusion

The delay in the publication of Modern Land (China) Co., Limited’s 2025 Annual Results is primarily due to government-imposed restrictions and operational challenges. These developments are material and could affect investor confidence and share price. Investors are urged to monitor further announcements and exercise caution in trading shares of the company.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research or consult with professional advisors before making investment decisions. The author and publisher do not accept responsibility for any losses arising from reliance on this information.

公告關鍵點

• 審計延遲：現代置業（中國）有限公司因受政府加強監管影響，宣布2025年度業績公布將延遲，主要原因是中央政府「保交樓」行動對部分子公司施加更高監管。
• 監管限制：中國住房和城鄉建設局對參與「保交樓」行動子公司的公章和銀行印鑒實施嚴格監管，所有使用需事先獲得政府批准。這一多步審批流程令審計所需銀行確認及其他文件簽發時間大幅延長。
• 審計文件受影響：截至公告日，約四分之一所需銀行確認尚未取得，另有四分之一尚未發出，主要因公章審批仍在等待。財務部門人手緊張，流動性問題持續，投入更多資源處理監管事宜。
• 其他延遲：資產估值、利潤及現金流預測、資產減值評估及繼續經營評估等審計相關資料準備亦大幅延遲，影響整體審計流程及財務報表最終定稿。
• 預計時間表：公司預計於2026年5月向審計師提供所有必要資料，6月準備合併財務報表及披露註釋，並於6月底完成審計。若無其他突發情況，2025年度業績可於6月底公布。
• 董事會組成：董事會包括7人：執行董事（張鵬、張磊、陳銀）、非執行董事（曾強）、獨立非執行董事（許俊豪、Eric；高志凱；朱彩青）。

股東需注意的重要事項

• 潛在股價敏感：業績延遲可能增加對公司財務健康及經營穩定性的疑慮，尤其受政府干預及流動性問題影響。延遲或進一步不確定性或影響市場情緒及股價。
• 政府監管風險：「保交樓」行動下的政府監管加強，公章及銀行印鑒須審批，顯示公司及子公司存在持續監管風險，或影響未來經營及財務報告時間。
• 營運及流動性挑戰：公司承認人手及流動性緊張，可能影響迅速回應監管要求及完成審計流程，屬於股東需關注的重大風險，尤其是關於繼續經營能力。
• 後續公告：公司將就重大發展及業績公布日期發佈進一步公告，提醒股東及潛在投資者密切關注。
• 交易須謹慎：建議股東及潛在投資者在買賣公司股份時保持謹慎。

結論

現代置業（中國）有限公司2025年度業績延遲主要因政府監管及營運挑戰，屬於重大事項，或影響投資者信心及股價。投資者應密切留意公司後續公告，交易時保持謹慎。

免責聲明

本文章僅供參考，不構成投資建議。投資者應自行研究或諮詢專業顧問後作出決策。作者及出版方不對依賴本資訊所導致的任何損失負責。