Munich, 31 July 2013. The auditing and publication of the annual and consolidated financial statements of KINGHERO AG, the German holding company of a fast-growing Chinese fashion company, will be delayed further. The documents so far provided by the subsidiaries in China do not meet the required standards of accounting, so that the auditors Warth & Klein Grant Thornton AG were not yet able to conduct a full audit process.
The reason for the incomplete and inadequate business records are staff changes and staff capacities in the accounting departments of the subsidiaries. Kinghero AG aims to fix the staffing problems in financial accounting as soon as possible.
The new dates for publication of the Annual Report 2012 and the interim reports 2013 will be provided as soon as reliable timeline can be confirmed.
About KINGHERO AG
KINGHERO AG is the German holding company of the KINGHERO Group of companies, mainly active in the Peoples Republic of China (PRC). The Group is a strongly growing apparel manufacturer and designer, featuring a leading Chinese fashion brand for the strongly growing urban middle class in China. The key to the company's success is a high fashion degree with a European "touch and feel" as well as an upscale quality. The high speed of the design and marketing of new collections ensures a fit to the changing demands of the growing urban middle class in China. Being in this business for more than 25 years, the group and its more than 1,000 employees produce attire for all seasons under the KINGHERO brand. The product portfolio includes suits, jackets, shirts, pants and sweaters for men and women and is divided into a business casual range and a general casual range.
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