Hong Kong Exchange censures AustAsia over outdated IPO forecasts, orders director training

• Hong Kong exchange censured AustAsia Group over IPO forecast disclosures, citing failure to update financial information during listing vetting under Listing Rule 9.11A.
• FY2022 audited results published on March 1, 2023 showed net profit about US$42.4 million below profit forecast submitted in December 2022, a 64.4% drop.
• Exchange found forecast assumptions and figures remained outdated despite internal October and November management reports showing deteriorating performance, rising feed costs, weaker milk prices.
• Former CEO Edgar Dowse Collins, former CFO Chen Yuan, former financial controller Sun Lizhi received censures, with investor-prejudice statements issued against Collins and Chen.
• Four directors were ordered to complete 17 hours of Listing Rule and directors’ duties training within 90 days, with a similar requirement set as a condition for any future directorship for one former non-executive director.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. AustAsia Group Ltd. published the original content used to generate this news brief via IIS, the Issuer Information Service operated by the Hong Kong Stock Exchange (HKex) (Ref. ID: HKEX-EPS-20260508-12152790), on May 08, 2026, and is solely responsible for the information contained therein.