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SDIC Power to hold EGM for accounting firm renewal

Published 12/09/2024, 06:02 AM

BEIJING - SDIC Power Holdings Co., Ltd. (GDR: "SDIC") has announced that it will hold its Seventh Extraordinary General Meeting (EGM) on December 25, 2024, to discuss the renewal of the employment of its accounting firm, BDO China Shu Lun Pan CPAs (Special General Partnership). The meeting is set to take place at the company's headquarters in Beijing.

The proposed audit firm, BDO China Shu Lun Pan CPAs, has been outlined by SDIC Power Holdings as a candidate to audit the company's financials for the year 2024. The firm, established in January 2011, has a significant presence in the industry, with 278 partners and 2,533 certified public accountants. In 2023, the firm's operating revenue reached 5.001 billion yuan, and it audited the annual reports of 671 listed companies, including four from the same industry as SDIC Power Holdings.

The audit fee for the 2024 annual report is proposed to be 4.523 million yuan, with an additional 1 million yuan for internal control audit, marking a 4.21 percent increase from the previous year. This fee increase is attributed to the professional skills required and the types of work and workload involved in the audit process.

The firm has a credible track record with no criminal penalties in the past three years and has maintained sufficient occupational insurance to cover its civil liabilities. Furthermore, the practitioners involved in the audit have not been subject to any professional practice penalties or administrative actions.

SDIC Power Holdings has emphasized the firm's investor protection capability, noting that BDO China Shu Lun Pan CPAs has purchased occupational insurance that complies with regulations and covers civil liability for audit services. This insurance had a cumulative compensation limit of 1.25 billion yuan in 2023.

The proposed renewal of the accounting firm's employment was approved at the company's Board of Directors and Supervisory Committee meetings held on November 18, 2024. The forthcoming EGM will provide shareholders the opportunity to deliberate on this proposal.

This news is based on a press release statement issued by SDIC Power Holdings Co., Ltd.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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