Huge Leader Development Limited

HKICPA fines Edmund Siu, Yip Kai Yin & Elite Partners CPA Ltd HK$50k each, plus costs of HK$290k
HKICPA, 20-May-2021
For bad work on the 2014 audit of China National Culture (0745) relating to goodwill impairment testing on the 2012 acquisition of Huge Leader Development Ltd, which we wrote about in our "Raking Muck" series of articles in 2012. In the 2014 accounts, the management's cashflow projections were valued by International Valuation Ltd. Elite has now been fined 7 times since 2015, Mr Yip 5 times since 2013 and Mr Siu 3 times since 2017.
Raking muck, Part 5
In the penultimate episode, we look at a transaction in progress by Railsmedia (0745) and how it connects with CPEC (8041), COMG (0254) and 3 shells. We also introduce a 10th listed company to the story, Zhi Cheng (8130) which has such a track record of value destruction that it has consolidated its shares by 200,000 to 1 since 2007. (11-Mar-2012)
China Railsmedia (0745) to buy FingerAd Media Co Ltd for HK$690m
Company announcement, 21-Nov-2011

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