other material
confidence medium
sentiment negative
materiality 0.70
AiXin Life International, Inc. (AIXN): auditor change — Aixin Life International to restate 2021 financials for common-control acquisitions
AiXin Life International, Inc.
- Company to restate 2021 financials due to accounting for acquisitions of Aixin Shangyan Hotel and Aixintang Pharmacies as entities under common control.
- Prior auditor KCCW advised retroactive adjustment to present results as if acquisitions occurred at beginning of period.
- Correction also includes restating comparative prior periods and reclassifying a capital contribution from a major shareholder.
- Company will file an amendment with restated 2021 financial statements; no specific figures disclosed yet.