GBA Dynamic: Trading suspension continues amid resumption efforts

Greater Bay Area Dynamic Growth Holding Limited (HKEX: 1189) provided a quarterly update on its progress toward resuming trading, which remains suspended since April 2, 2024. The company is working to publish outstanding financial results, specifically addressing audit modifications related to the purported disposal of Rosedale Hotel Shenyang. GBA Dynamic has secured confirmation from Shenyang authorities regarding procedures to reverse the disposal and obtained a court order to prevent further transfer of ownership. Restoration of Shenyang Hotel Holdings Limited, the BVI-incorporated holding company, is underway. Cheng & Cheng Risk Advisory Services Limited has been engaged to conduct an independent forensic investigation into the disposal and any potential irregularities, with findings expected to inform a comprehensive resumption plan. The company has re-established compliance with certain listing rules and is actively reviewing internal controls. Trading of GBA Dynamic shares will remain suspended until further notice.