Core Viewpoint - Raffles Interior (01376) has received an anonymous complaint questioning the competence of its Executive Director and Chairman, Zheng Nenghuan, due to multiple ongoing legal disputes involving significant financial implications [1][2]. Group 1: Legal Issues - Zheng Nenghuan is involved in over a hundred court disputes and lawsuits in China, with notable cases including a contract dispute amounting to approximately RMB 105 million and various financial lending disputes [1][2]. - Specific cases highlighted include: 1. A contract dispute where Zheng is a defendant, with an amount of RMB 105 million still in execution [1]. 2. A financial lending dispute leading to restrictions on high consumption due to court orders [1]. 3. A case involving a repayment obligation of RMB 70.42 million where Zheng was labeled a "dishonest executor" [1]. 4. Additional disputes related to private lending and financial contracts, spanning from 2014 to 2025 [2]. Group 2: Corporate Governance Concerns - The board of directors has raised concerns regarding Zheng's failure to disclose multiple ongoing lawsuits and the reasons for selective disclosure [2]. - The board's nomination committee, led by Chairman Chen Congfa, had previously approved Zheng's candidacy, but is now reviewing the situation in light of the complaints [2][3]. - The board is considering necessary actions to maintain overall integrity and is initiating an internal investigation to verify the details of the complaint [3].

Core Viewpoint - Raffles Interior (01376) faces serious allegations regarding the competence of its Executive Director and Chairman, Zheng Nenghuan, due to multiple ongoing legal disputes that raise concerns about his credibility and the company's governance [1][2]. Group 1: Legal Issues - Zheng Nenghuan is involved in over a hundred court disputes in China, primarily related to financial lending, equity transfers, and personal loan disputes, spanning from 2014 to 2025 [2][3]. - Specific cases include a contract dispute involving approximately RMB 105 million, a financial lending contract dispute leading to restrictions on high consumption, and multiple instances of being listed as a "dishonest executor" due to unpaid debts [1][2]. Group 2: Board's Response - The board of directors has raised questions regarding Zheng's failure to disclose ongoing lawsuits and the reasons for selective disclosure, emphasizing the need for transparency in accordance with listing rules [2][3]. - The nomination committee is currently reviewing potential actions to maintain the integrity of the board and is conducting an internal investigation to verify the details of the complaint [3].

Group 1 - The company announced a decision to optimize its company secretary structure to enhance corporate governance and compliance management framework [1] - This optimization is in response to the best practice recommendations regarding potential issues with external company secretaries as outlined in the Hong Kong Stock Exchange's Corporate Governance Code [1] - The company aims to continuously improve its governance standards and reinforce its commitment to best practices in compliance regulation [1] Group 2 - Zhang Zhiwei has been appointed as the company secretary, effective from November 26, 2025 [1] - Wu Dongcheng has resigned from the position of company secretary on the same day but will continue to provide services to the company as an external professional consultant [1]

Core Viewpoint - Zhengrong Services (06958) announced the resignation of Ernst & Young as its auditor due to a failure to reach an agreement on the proposed audit fees for the fiscal year ending December 31, 2025, and the availability of more competitive proposals from other accounting firms [1] Group 1 - The resignation of Ernst & Young is effective immediately from the date of the announcement [1] - The decision to not continue with Ernst & Young was made to maintain good corporate governance and enhance auditor independence [1] - The board has appointed Zhongzheng Tianheng Accounting Firm as the new auditor to fill the vacancy left by Ernst & Young, effective immediately [1] Group 2 - The term of the newly appointed auditor will last until the conclusion of the next annual general meeting of the company [1]

Group 1 - The Hong Kong Stock Exchange (HKEX) announced a tender process for the audit work of the group for the year ending December 31, 2026, to maintain high standards of corporate governance [1] - After the completion of the tender process, the HKEX Board will appoint KPMG as the external auditor for the group for the year ending December 31, 2026, subject to approval by shareholders at the 2026 Annual General Meeting [1] - PricewaterhouseCoopers (PwC) has been reappointed as the auditor for the group to conduct the audit for the year 2025 at the Annual General Meeting scheduled for April 30, 2025, and will retire at the conclusion of the 2026 Annual General Meeting [1]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Stock Exchange (HKEX) have taken disciplinary action against former directors of Star Universe Holdings Limited for failing to disclose significant financial liabilities in the company's prospectus during its IPO in May 2019 [1][2]. Group 1: Disciplinary Actions - Former non-executive director Lu Qingxing and former executive director Lu Zhufeng faced disciplinary actions due to their failure to disclose 13 outstanding loans totaling approximately RMB 49 million related to Star Universe's subsidiary [1]. - The SFC's investigation revealed that Lu Qingxing received at least RMB 44 million from these loans, which remained unpaid as of August 2020, constituting a significant financial liability not disclosed in the IPO prospectus [1]. - The HKEX issued a "statement of investor rights damage" against the two individuals, stating that their continued presence on the board would harm investor interests [2]. Group 2: Regulatory Compliance - The SFC emphasized the importance of directors fulfilling their fiduciary duties and ensuring compliance with relevant rules and regulations enforced by the SFC and HKEX [2]. - The actions of the two former directors raised serious questions about their suitability to serve on the board, highlighting the need for high transparency and diligence in financial disclosures and conflict of interest management [2]. - Star Universe's shares were listed on the HKEX on May 16, 2019, and are set to be delisted on January 26, 2024 [2].

Core Viewpoint - The company, Nacel Energy Technology (01597), has decided to change its auditor due to a lack of agreement on audit fees with its current auditor, KPMG, and has identified a more competitive proposal from another accounting firm [1] Group 1: Auditor Change - The company has announced the resignation of KPMG as its auditor effective from October 15, 2025, due to disagreements over proposed audit fees for the fiscal year ending December 31, 2025 [1] - The company aims to maintain good corporate governance and enhance auditor independence by changing its auditor [1] - The board has appointed BDO Limited as the new auditor to fill the vacancy left by KPMG, effective from October 20, 2025, until the conclusion of the next annual general meeting in 2026 [1]

Core Viewpoint - Guangnan (Group) (01203.HK) has decided to change its auditor after over 20 years with KPMG to enhance corporate governance and maintain auditor independence [1] Group 1: Auditor Change - The board has reviewed the necessity of changing the auditor and concluded that it is an appropriate time for rotation [1] - KPMG has resigned as the company's auditor, effective from September 25, 2025 [1] - Deloitte has been appointed as the new auditor to fill the vacancy left by KPMG, with a term lasting until the conclusion of the next annual general meeting [1]

Group 1 - The pace of delisting in the Hong Kong stock market has accelerated, with 40 companies delisted by September 5, 2025, compared to 32 in the same period last year [1][2] - In the A-share market, 23 companies have been delisted by the end of August 2025, with 9 occurring since July [1][2] - The delisting trends in both markets reflect a comprehensive optimization of the corporate ecosystem, driven by regulatory changes aimed at enhancing market governance [1][2][11] Group 2 - The "fast-track delisting mechanism" in Hong Kong has led to a significant number of "zombie stocks" being removed from the market, particularly in the real estate and non-bank financial sectors [2][3] - Companies like China Evergrande and others in the real estate sector were delisted due to prolonged suspension of trading, highlighting the impact of the new delisting regulations [2][3] - The concentration of delisted companies is attributed to the ongoing macroeconomic pressures and the effectiveness of the 2018 delisting regulations [3][4] Group 3 - There has been a notable increase in privatization cases in the Hong Kong market, with 19 companies privatized in 2025, marking a significant rise compared to previous years [6][8] - The privatization of Beijing Construction, which was acquired at a 250% premium over its last trading price, exemplifies the trend of companies seeking greater strategic flexibility post-privatization [7][8] - The motivations for privatization include addressing valuation gaps and enhancing strategic freedom for long-term business restructuring [8][9] Group 4 - The trend of privatization is also driven by the need for companies to escape the constraints of public market expectations, allowing for more effective long-term strategic planning [9][10] - The acquisition of Yuefeng Environmental by a subsidiary of Hanlan Environment for approximately 11.099 billion HKD illustrates the ongoing consolidation in the environmental sector [10] - The overall delisting and privatization trends indicate a shift towards a more elite and efficient market structure in Hong Kong [10][11]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 自願公告 關於菜鳥智慧物流網絡有限公司之 爭議解決 本公告乃復星國際有限公司（「 本公司 」，連同其附屬公司統稱「本集團 」） 自願刊發。 本公司股東及潛在投資者於買賣本公司之證券時務請審慎行事。 茲提述本公司 分別於 2025 年 3 月 28 日及 2025 年 3 月 30 日刊發之盈利警告 公告（「盈利警告公告 」）及截至 2024 年 12 月 31 日止年度 之 業績公告， 以 及 於 2025 年 4 月 25 日刊發之 本公司 年報。除文義另有所指外，本公告所使用 之詞彙與盈利警告公告所界定者具有相同涵義。 本公司 董事 會 （「董事會 」）謹 此 通知 本 公司 之 股東 及 潛在 投資 者 ，於 2025 年 8 月 29 日 ，Stater Investment Holdings Limited（「SIHL」）（ 本公 司 之全 資 附屬 公 司 ） 與 菜 鳥 智 慧 物 流 網 ...