BlockFin Holdings Limited has released a supplemental announcement detailing the sequence of events that led to the replacement of Baker Tilly Hong Kong (“BTHK”) with Suya CPA Limited (“Suya”) as statutory auditor for the financial year ending 31 December 2026 and the interim review to 30 June 2026.
The process began in mid-April 2026, when BlockFin requested BTHK’s fee estimate to comply with new Stock Exchange disclosure requirements. BTHK quoted a range of HK$1.00 million–HK$1.20 million for the 2026 audit. Anticipating further negotiations after a detailed workload assessment, the company incorporated this range into its AGM circular signed on 24 April 2026.
During June 2026, BTHK refined its quote to HK$1.18 million. To benchmark pricing against market levels and in line with the AFRC’s audit-committee guidelines, management obtained two additional quotes: HK$0.76 million from Suya and HK$0.98 million from another audit firm (audit only).
At the AGM on 17 June 2026, shareholders re-appointed BTHK and authorised the board to finalise fees. However, subsequent negotiations in July yielded BTHK’s “best and final” offer of HK$1.08 million—still materially above competing bids. Given ongoing cost-control measures and the group’s downsized operations after disposing of four loss-making subsidiaries in 2025, the Audit Committee evaluated Suya as a contingency option.
Suya’s proposal matched BTHK’s planned audit strategy and timetable, assigning an engagement partner, audit manager, two staff members and a quality reviewer. Its quoted all-inclusive fee of HK$0.76 million represents a 29.6% saving versus BTHK’s final offer and a 35.6% reduction from BTHK’s original HK$1.18 million quotation. The Audit Committee concluded that Suya’s lower fee would not compromise audit quality, citing comparable staffing levels, a risk-based audit approach and an audit schedule closely mirroring previous years (planning from October 2026, field work January–March 2027, and results announcement by late March 2027).
On 24 July 2026, BTHK formally resigned, and BlockFin immediately appointed Suya to fill the casual vacancy. A forthcoming Special General Meeting will ask shareholders to ratify BTHK’s resignation, confirm Suya’s appointment and authorise the board to fix remuneration. A circular with full details will be dispatched in due course.
All other information disclosed in the original 24 July 2026 announcement remains unchanged.