Hansong Neotek "Will Resolve Disclaimer of Opinion Through Objection"

[Asia Economy Reporter Jang Hyowon] Hansong Neotec announced on the 24th that it will make every effort to resolve the delisting cause and resume stock trading by filing an objection with the Korea Exchange regarding the disclaimer of opinion on the audit report for the last fiscal year.

Hansong Neotec's external auditor expressed a disclaimer of opinion on the 2021 fiscal year financial statements on the 23rd due to a scope limitation in the audit. Accordingly, Hansong Neotec plans to file an objection with the Korea Exchange by April 13.

A Hansong Neotec official said, "It seems that during the aggressive investment process to secure new growth engines last year amid the COVID-19 situation, the company failed to meet some of the audit standards required by the auditor," adding, "The company plans to actively provide explanations through the objection and intends to resolve the reasons for the disclaimer of opinion by receiving an improvement period."

Last year, Hansong Neotec recorded sales of 26.3 billion KRW, a growth of about 36% compared to 19.3 billion KRW the previous year, due to increased investment in upstream industries in its core business. In addition, Hansong Neotec entered the secondary battery market by acquiring the secondary battery material specialized company ‘Shinhwa IT’ in August last year, securing future growth engines for the company.

In particular, the subsidiary Shinhwa IT has recently stood out in the secondary battery material market by consecutively signing supply contracts with global battery companies in the United States and Europe.

A Hansong Neotec official emphasized, "With the growth of the core business last year and the recent achievements of new businesses, the company's fundamentals are being strengthened, and we will focus the company's capabilities to promptly resolve the audit report issue," adding, "We will also do our best to ensure that no problems arise in all business and management contracts due to the disclaimer of opinion issue in this audit report."

This content was produced with the assistance of AI translation services.