Mingfa listed on the Hong Kong Exchange in 2009. In April 2016, the company reported a 41% decline in FY15 sales and a 97% fall in profits. Furthermore, its auditor, PricewaterhouseCoopers, issued a disclaimer over certain sales and transactions, resulting in the suspension of its shares. Three years later, in March 2019, the results of the forensic investigation were released. In order to ease the company's financial position, the founders had tried to sell assets to undisclosed related parties, artificially inflated sales, paid contractors with completed units and understated debt. The company resumed trading in January 2021, losing over 75% of its value within the first few months of trading.

Last updated October 2021

The information on this page has been compiled from publicly available sources. GMT Research Limited has not verified the information and does not warrant its accuracy. Any claims made or views expressed are not necessarily those of GMT Research Limited.