Hong Yuan Holding Group appoints new auditor

Hong Yuan Holding Group (OTC Markets:HGYN), a manufacturer specializing in plastics and synthetic resins, announced today the appointment of a new independent registered public accounting firm, Aloba, Awomolo & Partners, Chartered Accountants. This decision was made by the company’s board of directors on February 26, 2025, following the termination of its previous auditor, Olayinka Oyebola & Co ("Olayinka").

According to the press release, the relationship with Olayinka was relatively brief, as the firm was retained for less than a year and had not filed any reports with the SEC. The company confirmed that during Olayinka’s tenure, there were no disagreements over accounting principles, financial disclosures, or auditing procedures that would have warranted mention in their reports.

Hong Yuan Holding Group, which is incorporated in Nevada and headquartered in Sichuan Province, China, has provided Olayinka with the required disclosures and has asked the firm to furnish a letter to the SEC confirming their agreement with the disclosures.

The newly appointed firm, Aloba, is a member of the Public Company Accounting Oversight Board (PCAOB) in the United States. The company noted that prior to the board’s decision, it did not consult Aloba on any accounting principles for specific transactions or any other reportable events. Currently trading at $0.05 per share, within its 52-week range of $0.01 to $0.10, the company faces ongoing profitability challenges, as revealed by InvestingPro analysis, which identifies several key risk factors.

The change in the company’s certifying accountant reflects Hong Yuan Holding Group’s ongoing efforts to maintain its compliance with financial reporting requirements. The company’s decision to engage Aloba is effective as of February 26, 2025.

This transition in Hong Yuan Holding Group’s financial oversight comes as part of the company’s normal corporate governance procedures. The press release did not disclose specific reasons for the change in auditors, but such changes are not uncommon in corporate practice.

Investors and stakeholders can expect that Hong Yuan Holding Group will continue its operations under the new auditor’s review, adhering to the standards and regulations required by the SEC and PCAOB. With a beta of 3.02, the stock exhibits significantly higher volatility than the broader market. For deeper insights into Hong Yuan’s financial health and additional analysis, InvestingPro subscribers have access to over 10 additional key metrics and expert tips.

The information for this article is based on a press release statement from the SEC filing by Hong Yuan Holding Group.

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