Roughly quadrupling the projected loss while citing uncharged extra work points to weak contract discipline and pricing power in a thin-margin civil engineering segment. Absorbing costs to preserve a client relationship signals customer concentration risk where one account dictates profitability. The off-site cost overruns suggest project execution, not demand, is the core problem.
Rongzun International (HKG:1780) expects a post-tax loss of between approximately HK$34.1 million and HK$36 million for the year ended March 31, compared with about HK$9.5 million a year prior, according to a Monday Hong Kong bourse filing.
The civil engineering firm attributed the forecast to additional costs for off-site works, as well as certain extra work conducted without an additional charge to preserve a client relationship.
The Monetary Authority of Singapore has revised its "single family office" (SFOs) framework to streamline the process for SFOs to establish operations in Singapore, according to a MAS release.An SFO in Singapore is a privately held corporate entity set up by one "ultra-high-net-worth" family to manage assets, investments, and wealth of a single family.The registration protocols have been simplified, effective June 15, with offices required to notify MAS of their operations through a MAS-licensed bank.Annual reporting has been made more straightforward for SFOs, with information on total assets under management and the name of its bank.
Klevo Rewards (ASX:KLV) said it plans to launch a trial of its KLVAUD Australian dollar-backed stablecoin by June 30, according to a Monday filing with the Australian bourse.The company's Fly Wallet subsidiary received legal advice indicating that the stablecoin may qualify as an eligible stablecoin under the current regulatory framework, subject to conditions, per the filing.KLVAUD is planned to be fully backed one-to-one by Australian dollars held in segregated reserve accounts, and aims to support Fly Wallet's broader payments system, the company said.Klevo Rewards shares fell 4% in recent Monday trade.
Bio-Thera Solutions (SHA:688177) received the results of the European Union's inspection of its Yonghe manufacturing facility, according to a Shanghai bourse filing on Monday.The French National Agency for the Safety of Medicines and Health Products conducted an inspection on the site between Feb. 4 and Feb. 12.The European Medicines Agency handed a GMP or good manufacturing practice certificate to the company after the factory's drug substance operations passed regulatory standards. However, the regulator found deficiencies in the deviation management measures for the finished formulation of the drugs.