Pearl River Tyre listed on HKEx in June 1999 by introduction, after an earlier ASX listing, and raised no new capital in Hong Kong. It lost its tyre business after lenders enforced security over the holding company in 2014. A disputed RMB237.2m payment into a semiconductor project prompted a forensic review, while the FY13 auditor disclaimed an opinion on material balances and accounting. The company, renamed Han Tang International in 2015, remained suspended and was delisted on 22 October 2018. An A&G Screen of the FY11 accounts rates the company High Risk, pointing to weak conversion of profit into cash and a Beneish M-Score warning; it did not identify the later project transaction.

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