Global Corn Group Limited released a quarterly update detailing the steps being implemented to remove the auditor’s disclaimer of opinion attached to its FY-2025/26 financial statements.
Debt Restructuring Shift • The original debt-restructuring plan for the Huayin Transferred Loans has been set aside after discussions with Jinzhou Huayin, the Jinzhou municipal authorities and the Jinzhou SASAC. • Instead, the sole shareholder of subsidiary Jinzhou Yuancheng has resolved to wind up the entity. Once official liquidators are appointed, Jinzhou Yuancheng will cease to be consolidated, eliminating its liabilities—including the Huayin Transferred Loans—from the Group’s balance sheet. Management expects a “significant” improvement in financial position and a clearer path to addressing going-concern uncertainties.
Fresh Banking Facilities Bolster Liquidity • Shanghai Nanyang Commercial Bank (China) Shanghai Branch has provided the first RMB12.00 million tranche under an RMB24.00 million facility letter of intent issued in March 2026. • China Merchants Bank Shanghai Branch extended additional loans totaling RMB20.00 million in April 2026. • Combined new lending of RMB32.00 million is earmarked to reinforce working capital, secure raw-material supplies and enhance operational efficiency.
Ongoing Cash-Flow Management • The Group continues to negotiate more favorable settlement terms with suppliers, employees and other creditors to strengthen operating cash flows.
Shareholder Financial Support • Substantial shareholders—Mr. Kong Zhanpeng, Mr. Wang Tieguang and Hong Kong Huasheng Company Limited—reaffirmed written commitments made in February 2026 to provide financial assistance for at least 12 months and not to demand repayment while the Group’s financial condition remains constrained. The Company is seeking an extension of these undertakings.
Next Steps Management will maintain focus on completing the Jinzhou Yuancheng liquidation, utilizing newly secured bank lines and extending shareholder support to eliminate the audit qualification. Further announcements will follow as milestones are reached.
Investors are advised to exercise caution when dealing in Global Corn Group securities.