Back 04 Jul 2025

Pan Hong Holdings flagged by auditors with material uncertainty over going concern in FY2025 results

Link: https://links.sgx.com/1.0.0/corporate-announcements/AELG1YA2A6ETBZ3G/62576ef692e2f26cae1ce7bcecde2f41346207eef1fec30b88d82910f838b758


Summary:

  • Pan Hong Holdings Group Limited announced its independent joint auditors, BDO LLP and BDO Limited, included a material uncertainty related to going concern in their report on the Group’s audited financial statements for FY2025.

  • The auditors issued an unmodified opinion, meaning the financial statements give a true and fair view, but highlighted serious liquidity risks.

  • As at 31 March 2025, the Group reported:

    • Accruals and other payables of approximately RMB375.4 million

    • Current tax liabilities of approximately RMB73.9 million

    • Amounts due to related parties of approximately RMB87.4 million

    • Current bank and other loans of approximately RMB60.1 million

    • Against cash and bank balances of just RMB29.5 million

  • These conditions raise significant doubt on the Group’s ability to continue as a going concern, though the auditors did not modify their opinion.

  • The Board stated that all material disclosures have been provided to ensure orderly trading of the Company’s shares.

  • Shareholders and investors are advised to exercise caution and to read this update together with the Group’s full audited statements and the upcoming annual report.