ZHONGSHAN CITY, China - Ming Yang Smart Energy Group Limited (GDR:MYSE), a company established under the laws of the People's Republic of China, announced it will hold its Second Extraordinary General Meeting (EGM) for the year on Wednesday, December 18, 2024, to address the reappointment of its accounting firm.
The EGM, set to convene in the company's conference room in Zhongshan City, Guangdong, will focus on the proposed reappointment of Grant Thornton Zhitong Certified Public Accountants LLP as the company's auditor for the 2024 financial year. This resolution comes after the Board of Directors' approval at their meeting on October 29, 2024.
Grant Thornton, established on December 22, 2011, has a significant presence in the audit industry, with nearly 6,000 practitioners, 225 partners, and 1,364 certified public accountants. In 2023, the firm reported revenue of RMB2.703 billion, with a substantial portion derived from audit services.
The firm's investor protection measures are highlighted by an occupational insurance purchase with a total indemnity limit of RMB900 million, aligning with regulatory requirements. Furthermore, Grant Thornton's record over the past three years shows no civil liabilities from concluded litigation related to its practices.
Regarding independence and integrity, the firm has faced various supervisory and management measures, self-discipline regulatory measures, and one disciplinary sanction but no criminal or administrative penalties over the past three years.
The EGM will also review the roles of the project partner, signing certified public accountant, and project quality control reviewer, all of whom have clean records concerning criminal penalties, administrative penalties, and supervisory measures in the past three years. Their independence has been confirmed, with no identified circumstances that could affect it.
Audit fees for Grant Thornton's services are determined by the company's management, following fair market pricing principles and considering the professional responsibilities and workload required for the services rendered.
This upcoming EGM and the details regarding the reappointment of the accounting firm are based on a press release statement from Ming Yang Smart Energy Group Limited.
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