Mingyuan Medicare (233 HK): Missing Executive Director, Audit Delay in Cash Balance

12 May 2015: (233) Mingyuan Medicare: Mingyuan Medicare Development Company Limited has tried to contact Zhao Chao, an executive director of the company, since the end of December 2014. All the attempts were unsuccessful. Zhao is responsible to oversee the operation of the medical centres management division of the company (the Division). The Division has been run by experienced management team for years and Yao Yuan, the chairman and CEO of the company, has already taken up the responsibility to oversee the Division during Zhao’s absence.

27 March 2015: (233) Mingyuan Medicare: Mingyuan Medicare Development Company Limited expects to record a small profit for the year ended 31 December 2014 due to a gain generated from recovery of other receivable previously written off

18 March 2014: (233) Mingyuan Medicare: Mingyuan Medicare Development Company Limited issued profit warning for the year ended 31 December 2013 due to significant increase in impairment losses of goodwill and other intangible assets

11 March 2013: (233) Mingyuan Medicare: The board of directors of the Company (the “Board”) wishes to inform the shareholders of the Company and potential investors that based on the management’s preliminary assessment of the unaudited management accounts, the Group may record a loss for the year ended 31 December 2012, as compared to a profit for the year ended 31 December 2011. The loss is primarily due to the substantial increase in amortisation of intangible assets. 

15 August 2012: (233) Mingyuan Medicare: The board of directors (the “Board”) of Mingyuan Medicare Development Company Limited (the “Company) has noted the recent increase in the price and increase in the trading volume of the shares of the Company and wishes to state that the Board is not aware of any reasons for such changes.

18 June 2012: (233) Mingyuan Medicare: The board of directors (the “Board”) of Mingyuan Medicare Development Company Limited (the “Company) has noted the recent increase in the price and increase in the trading volume of the shares of the Company and wishes to state that the Board is not aware of any reasons for such changes.

13 June 2012: (233) Mingyuan Medicare: The Board of Directors (the “Board”) of Mingyuan Medicare Development Company Limited (the “Company”) has noted that an article published by Headline Daily on 13 June 2012 (“Article”) which reported that based on publications from the PRC, as an emergency measure, several major hospitals in Guangzhou had stopped using the C-12 protein chip, the major patent product of the Company, in screening cancer in light of the confusion caused by high positive results incurred. This event might have negative impact on the protein chip business of the Company. The Board wishes to state that the content of the Article is incorrect. Sales of C-12 protein chips in Guangzhou for the first five months of 2012 remain normal and constant

 

13 June 2012: (233) Mingyuan Medicare: Reference is made to the annual report 2011 (the “2011 Annual Report”) of Mingyuan Medicare Development Company Limited (the “Company”) dated 30 April 2012. The first paragraph of Note 19(iii) to the consolidated financial statements included in the 2011 Annual Report disclosed that “Included in the balance of technical know-how as at 31st December, 2011 is technical know-how of HK$250,370,000 (2010: HK$255,766,000) acquired through acquisition of subsidiaries during the year ended 31st December, 2009. The technical know-how represents design, development, production, sale and distributions of certain HPV detection products registered for use in various countries. The technical know-how has a legal life of 2 years. The directors are of the opinion that the Group would be able to renew the technical know-how continuously at minimal costs. In the opinion of the directors, the technical know-how has a useful life of 15 years and they are being amortised on a straight-line basis over 15 years.” The board of directors of the Company is concerned that readers might be confused about the fact that if the technical know-how has a legal life of 2 years, the technical know-how should have been expired and how can it has a useful life of 15 years.

 

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