Kaisa board assigns committee to tackle late release of 2014 results

By Kali Hays

New York, April 29 – Kaisa Group Holdings Ltd.’s board of directors has appointed two non-executive directors, Zhang Yizhao and Rao Yong, to form an independent committee intended to address the continued delay in presenting the company’s 2014 year-end financial results, according to a company news release.

The company said that its auditors need “additional audit evidence regarding certain matters” before they can complete Kaisa’s annual results.

Under the rules governing the Stock Exchange of Hong Kong, Kaisa is required to publish its annual results by March 31 and send out the results to shareholders by April 30, according to the release.

If a company is unable to release its results, it must release all of its financial results, but Kaisa has not yet reached an agreement with its auditor regarding its 2014 performance.

Kaisa’s board said it is “of the view that the publication of the 2014 unaudited management accounts at this time would be misleading and confusing to the shareholders and potential investors,” according to the release.

The company said it will update shareholders when the board is ready to approve the annual results.

Kaisa Group is a Shenzhen, China-based property development company.

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