Moore Stephens CPA has taken up the challenge to complete the 2017 audit for China Shanshui Cement before the Hong Kong Stock Exchange's deadline of 31 October.
China Shanshui Cement (CSC) aims to have its shares trading again following their delisting after a failed takeover bid by rival company China Trianrui Group Cement in 2015. But last month KPMG resigned as auditor for CSC, giving Moore Stephens the difficult task to restore the company's public shareholdings in time to meet the deadline.
Still Chang Zhangli, CSC chairman, said, "We have done a lot of work on improving the company's governance on the board level, management level, as well as on information disclosure." Approximately, CNY1.4bn (US$203.6m) of debt has been repaid this year, reducing outstanding loans and bonds to CNY9.4bn as of July 2018.
CSC posted an unaudited net profit of CNY715m for the 1H18. It reported unaudited net profit of CNY767.9m for last year, a net loss of CNY738.3m for 2016 and a net loss of CNY6.4bn for 2015.
