HONG KONG — China All Access (Holdings) Limited (“China All Access” or “the Company”; stock code: 633.HK) today has published a clarification announcement in response to a number of allegations made in a report (the “Allegation Report”) issued by Triam Research (“Triam”).
For example, the discrepancy in revenue from the Communication Application Segment that was reported in the 2015 Financial Statements and SAIC filing is due to 1) the difference in the practice used for the SAIC filing of the Company’s PRC subsidiaries and the accounting treatments adopted in the 2015 Financial Statements, and 2) some of the Company’s revenue in 2015 being derived from sales in Hong Kong.
Therefore the SAIC filing alone cannot fully demonstrate the Company’s entire revenue contributed by the Communication Application Segment. Please refer to the announcement for clarifications about other allegations.
The Company’s Position
1. The Company has not been contacted or interviewed by Triam before the issuance of the Allegation Report to verify any data or information stated in the Allegation Report. Therefore, the content of the Allegation Report is unconfirmed.
2. Triam is an unknown organization and has never revealed its true identity and its registered business address nor the identity and qualification of the author of the Allegation Report. Its credibility is extremely questionable. The Board believes that the Allegation Report was published as a means for Triam to possibly derive benefit as a short seller of securities and may have short sold the Company’s shares.
3. The Board vigorously denies the allegations made against the Company in the Allegation Report, and considers the information contained in the Allegation Report to be incomplete, biasedly selected and presented and materially misleading.
4. The Company will consider and adopt all reasonable measures to protect the interest of the shareholders of the Company and reserves the right to take legal actions against Triam.
Resumption of Trading
An application has been made by the Company to resume trading of the Company’s shares on the Stock Exchange with effect from 9:00 a.m. on Monday, 19 December 2016.
(The views expressed here are that of China All Access and not of Business News Asia)