| Pwc | | 03-Jan-25 | | On 3 January 2025, PwC has issued a letter to the Company requesting the Company to include the following representations in this supplemental circular:– We consider that the Announcement will give the public an incomplete understanding of the underlying rationale for us not being able to reach a consensus with the Company on the audit fee of the Group for the financial year ended 31 December 2024. Our proposed fee for the financial year ended 31 December 2024 was provided to the Company for consideration in August 2024 and it was maintained at the same level as the audit fee for the financial year ended 31 December 2023. The proposed audit fee was set based on the resources needed to maintain our audit quality and carry out audit procedures for areas of higher risk and complexity, including but not limited to the assessment of the matters relating to the joint operation with Guangdong Aoyuan Company Limited, the assessment of going concern of the Group and the impairment assessment of property, plant and equipment, right-of-use assets and property held for sale of the Group. Notwithstanding the abovementioned matters, we have been informed by the Company that the Audit Committee did not consider our proposed audit fee to be competitive with the fee offered by other professional accounting firms nor was it commensurate with the current scale of the Company’s operations and its cost control measures. |
