Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) has suspended trading of Da Shan Education Holdings Limited due to serious allegations of financial misconduct, including the significant exaggeration of bank balances [1][2] Group 1: Allegations and Findings - The SFC discovered major discrepancies between bank statements provided by Da Shan and those obtained independently, particularly missing records of circular fund flows returning to the company [1][2] - Da Shan's bank balances were found to be overstated by RMB 36.4 million and RMB 76.3 million as of June 30, 2023, and December 31, 2023, respectively, representing 19% and 55% of the reported net asset value [1][2] - The SFC suspects that the software development and UK acquisition transactions may not be genuine and that Da Shan submitted forged bank statements to conceal suspicious fund flows [1][2] Group 2: Management Integrity Concerns - The integrity of Da Shan's management, particularly Executive Director Zhang Hongjun, has come under scrutiny, raising questions about the reliability of internal controls and accounting systems [1][2] - There are concerns that the resumption of trading in September 2024 was based on misleading information provided by Da Shan, leading to doubts about compliance with the stock exchange's resumption guidelines [2]
一港股公司（09986）涉财务造假，夸大银行结余，被勒令停牌