Link: https://links.sgx.com/1.0.0/corporate-announcements/Q4Z5LV2LBTQN5TQH/12c2a6c9bdc8e349a11dcc86b7b6eb07e4eb371f2e1efdf2954f6cdffd2caebd

Summary:

• Group loss for the six months ended 30 September 2025 narrowed to RMB 2.19 million from RMB 10.74 million a year ago, with comprehensive loss down 79%.

• No revenue was recorded for the period as core businesses remained dormant and assets held for sale; main activities focused on cost control and asset disposals.

• Discontinued operations remain a drag: significant loss reduced but ongoing disposal of subsidiaries Chengde Purun, Hebei Xingrun, and Benchmark Trade is pending finalization.

• Administrative expenses fell 64.7% year-on-year to RMB 0.6 million for the quarter, reflecting sharp cutbacks in salaries and professional fees.

• Cash and cash equivalents stood at RMB 0.31 million, with ongoing cash burn and concerns raised by the board regarding going concern and liquidity risks.

• Company received a delisting notice from SGX in August 2024 and is preparing an exit offer for shareholders; EGM to approve asset disposal still pending.

• Outstanding issues with bank balance verification, receivables recovery, and internal controls flagged by auditors and special reports.

• Dividend payments remain suspended due to cumulative losses and cash constraints, with no timeline for recovery as management pursues legal and restructuring avenues.