China Index Holdings Announces Change of Auditor
22 Diciembre 2021 - 4:28AM
China Index Holdings Limited (NASDAQ: CIH), (“CIH” or the
“Company”), a leading real estate information and analytics service
platform provider in China, today announced that the Company
dismissed KPMG Huazhen LLP (“KPMG”) on December 17, 2021 and on the
same date, the Company appointed MaloneBailey, LLP as the Company’s
independent registered public accounting firm for the year ending
December 31, 2021.
During the two fiscal years ended December 31,
2020, and the subsequent interim period through December 17, 2021,
there were no: (1) disagreements with KPMG on any matter of
accounting principles or practices, financial statement disclosure,
or auditing scope or procedure, which disagreements if not resolved
to their satisfaction would have caused them to make reference in
connection with their opinion to the subject matter of the
disagreement, or (2) reportable events pursuant to Item
16F(a)(1)(v) of the instructions to Form 20-F, except that KPMG
advised the Company of the material weakness in its internal
control over financial reporting that the Company did not have
sufficient financial reporting and accounting personnel to
formalize, design, implement and operate key controls over
financial reporting process in order to report financial
information in accordance with U.S. GAAP and SEC reporting
requirements.
The audit reports of KPMG on the combined and
consolidated financial statements of the Company for the years
ended December 31, 2020 and 2019 did not contain any adverse
opinion or a disclaimer of opinion, nor were they qualified or
modified as to uncertainty, audit scope or accounting principles,
except as follows:
KPMG’s report on the combined and consolidated
financial statements of the Company as of and for the years ended
December 31, 2020 and 2019 contained separate paragraphs stating
that:
- “As discussed in
Note 1 and Note 2, the combined financial statements, constituting
the periods prior to June 11, 2019, include Fang Holdings Limited’s
(“Fang”) real estate information, analytics and marketplace
services business and have been derived from the consolidated
financial statements and underlying accounting records of Fang. The
combined financial statements also include expense allocations for
certain functions historically provided by Fang. These allocations
may not be indicative of the actual expenses which would have been
incurred had the Company operated as a separate entity apart from
Fang prior to June 11, 2019”, and
- “As discussed in
Note 2 to the combined and consolidated financial statements, the
Company has changed its method of accounting for leases as of
January 1, 2019 due to the adoption of ASC Topic 842, Leases”.
During the two fiscal years ended December 31,
2020 and the subsequent period prior to the Company’s engagement of
MaloneBailey, LLP, neither the Company nor anyone on its behalf
consulted with MaloneBailey, LLP regarding either the application
of accounting principles to a specified transaction, either
completed or proposed, or the type of audit opinion that would have
been rendered on the Company's combined and consolidated financial
statements, and neither a written report nor oral advice was
provided to the Company that MaloneBailey, LLP concluded was an
important factor considered by the Company in reaching a decision
as to any accounting, audit, or financial reporting issue, (ii) any
matter that was the subject of a disagreement pursuant to Item
16F(a)(1)(iv) of the instructions to Form 20-F, or (iii) any
reportable event pursuant to Item 16F(a)(1)(v) of the instructions
to Form 20-F.
The change of the Company’s independent auditor
was made after careful consideration and evaluation process and was
approved by the board of directors of the Company (the “Board”) and
the audit committee of the Board on December 17, 2021. The Company
is working closely with MaloneBailey, LLP and KPMG to ensure a
seamless transition.
The Company provided KPMG with a copy of the
disclosures it is making in this press release and requested that
KPMG furnish a letter addressed to the Securities and Exchange
Commission stating whether or not it agrees with the statements
made herein. A copy of KPMG’s letter, dated December 22, 2021, is
furnished as Exhibit 16.1 to the Form 6-K dated December 22,
2021.
The Board would like to take this opportunity to
express its sincere gratitude to the KPMG team for their
professionalism and quality of services rendered to the Company
over the past years.
About CIH
CIH operates a leading real estate information
and analytics service platform in China in terms of geographical
coverage and volume of data points. Its services span across
database, analytics and promotions services for China’s real estate
markets. CIH serves a substantial base of real estate participants
in China, including real estate developers, brokers and agents,
property management companies, financial institutions and
individual professionals, with an authoritative, comprehensive and
seasonable collection of real estate data, complemented by a
variety of powerful analytical and marketing tools. For more
information about CIH, please visit
http://ir.chinaindexholdings.com.
For investor and media inquiries, please contact:
Ms. Jessie Yang
Investor Relations
Email: CIH-IR@fang.com
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