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HKEX Takes Disciplinary Action Against Aoyue Group Over Outdated Financial Forecast; Profit Misses Forecast by 64.4%

GateNews
Stocks
According to HKEX, the Hong Kong Exchanges and Clearing has taken disciplinary action against Aoyue Group Limited, six directors, and two senior management members for submitting outdated financial forecast data during its listing application. The company's 2022 fiscal year profit forecast contained stale information and lacked reasonable support for key assumptions. Following Aoyue Group's December 2022 listing, its audited 2023 results revealed actual net profit was 64.4% lower than the forecast submitted to HKEX, representing a shortfall of approximately $42.4 million.
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