Minkave Tech faces potential delisting, cites audit progress

Shenzhen Minkave Technology (SZSE:300506) faces potential delisting as it progresses with its 2024 annual report preparation. The company had its shares placed under delisting risk alert on April 26, 2024. According to the announcement, Minkave is actively working to resolve issues that led to a qualified audit opinion in 2023, including concerns about its ability to continue as a going concern and the status of its LED project. Minkave notes a creditor has applied for restructuring and a pre-restructuring procedure has been initiated. While a restructuring investor has been selected, a formal agreement is still pending. The company is also actively recovering debts and received a 40 million yuan donation from controlling shareholder. Minkave states there are no major disagreements with its auditor, Zhongxinghua Certified Public Accountants, regarding key audit matters, and will disclose further developments as required.