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Xinyuan Real Estate confirms auditor for 2024 fiscal year

EditorAhmed Abdulazez Abdulkadir
Published 12/26/2024, 09:50 AM
XIN
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In a recent filing with the Securities and Exchange Commission, Xinyuan Real Estate Co., Ltd. (NYSE: XIN), a real estate developer with operations primarily in China and projects in the United States, disclosed the outcomes of its 2024 Annual General Meeting of Shareholders (AGM). According to InvestingPro data, the company operates with a significant debt-to-equity ratio of 3.76 and currently maintains a market capitalization of approximately $13.5 million.

The meeting, which took place on Thursday last week in Beijing, China, saw shareholders approve the appointment of Assentsure PAC as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024.

The ratification of Assentsure PAC was passed by an ordinary resolution, indicating a majority of shareholders voted in favor of the appointment.

Assentsure PAC will now be responsible for auditing the company's financial statements for the current fiscal year, ensuring compliance with accounting standards and providing assurance to shareholders regarding the accuracy of financial reports. This appointment comes at a crucial time, as InvestingPro analysis reveals the company faces challenges with cash management and maintains a weak overall financial health score.

Xinyuan Real Estate, listed on the New York Stock Exchange under the ticker symbol XIN, has a diverse portfolio of real estate projects that include residential and commercial developments.

While the company's choice of Assentsure PAC reflects its commitment to maintaining transparency and integrity in its financial reporting, recent financial metrics show revenue declined by 48% in the last twelve months, with a gross profit margin of 18.45%. InvestingPro subscribers have access to 15 additional key insights about XIN's financial position and market performance.

The SEC filing, dated December 23, 2024, was signed by Yong Zhang, the Chief Executive Officer of Xinyuan Real Estate Co., Ltd. The document confirms the formal proceedings and outcomes of the AGM, fulfilling the company's regulatory requirements and providing investors with the latest corporate governance updates. The company trades at a notably low price-to-book ratio of 0.03, and based on InvestingPro's Fair Value analysis, the stock currently appears undervalued.

This information is based on a press release statement from Xinyuan Real Estate Co., Ltd., provided to the SEC, which serves as the primary source of these developments.

In other recent news, Xinyuan Real Estate Co., Ltd. announced significant changes in its financial leadership and set a date for its annual general meeting.

The company has appointed Mr. Bo Zhang as its new Chief Financial Officer, succeeding Mr. Yong Zhang, who stepped down due to personal reasons but will continue to serve as the Chief Executive Officer. This transition in the CFO role occurs as Xinyuan navigates the complexities of the real estate market.

The company also announced its annual general meeting of shareholders will be held at the company's headquarters in Beijing. The shareholder record date for those eligible to attend and vote at the meeting has been established. Details regarding the agenda and proxy statements for the annual general meeting will be accessible through Xinyuan's investor relations website in due course.

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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