China Dynamics changes auditor, halts convertible bond issuance plan

China Shipbuilding Industry Group Power (China Dynamics) announced on September 13, 2025, a change in its accounting firm. After completing the 2024 audit with Daxin Certified Public Accountants, the company will now appoint Rongcheng Certified Public Accountants (Special General Partnership) for its 2025 financial statements and internal control audits, with a fee of 3.66m yuan, a 2.66% reduction from the previous period. Both firms have acknowledged the change without objection.

Separately, China Dynamics also disclosed the termination of its plan to issue convertible bonds and acquire assets, along with the withdrawal of its application to the Shanghai Stock Exchange, as detailed in a notification received on September 12, 2025. The company will no longer pursue the acquisition of 16.5136% equity in CSSC Diesel Engine Co., Ltd. through convertible bond issuance and cash payment.

The decision to terminate the transaction was made after careful consideration of external market conditions, ensuring the company's and investors' interests are protected. China Dynamics will host an investor briefing on September 15, 2025, to address concerns and discuss the implications of these changes.