Jiu Rong Holdings Limited announced the latest progress on its ongoing efforts to address the auditor’s disclaimer of opinion regarding material uncertainties related to going concern. The Group has completed disposing of 11 bus charging stations in Hangzhou, with asset handover procedures underway. Proceeds from this disposal are expected to bolster working capital. Concurrently, negotiations are in progress with major creditor Westlake Electronics on loan extensions, possible interest rate reductions, and debt-to-asset arrangements. Additional discussions with various lending institutions have secured extensions or renewals for interest-bearing borrowings of approximately RMB82.30 million. The Group is also pursuing new financing channels and optimizing costs to strengthen liquidity.

Regarding audit scope limitations, the Group provided an update on trade receivables tied to Banco Nacional de Cuba. As of 31 December 2025, the debtor reaffirmed the outstanding balance, and the Group recovered approximately EUR0.12 million after 30 June 2025. The Group maintains it will not make an impairment provision, citing ongoing confirmations from the state-owned commercial bank and continued cash inflows. On other receivables related to legal proceedings against a former executive director, an asset freezing injunction remains in effect. The affidavit of means indicates that approximately HK$0.40 million in bank assets and a car parking space valued at around HK$1.40 million are currently in Hong Kong. A Tsuen Wan property under the individual’s name has been repossessed by a mortgagee bank, with around HK$5.60 million owed. A hearing is scheduled for 24 March 2026 to further pursue recovery. The Group continues providing evidence of these actions to the auditor, aiming to remove the relevant audit scope limitation.