Will Tianmei Beverage Collapse?

3 min read | November 22, 2018 08:41 AM AEDT | By Team Kalkine Media

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BDO East Coast Partnership, former auditor of Bottled water company Tianmei Beverage, demands for the winding up of Tianmei on non-payment of dues.

The auditor alleged that Tianmei Beverage has not paid the amount due for services rendered that makes to approximately $43,874.65. This sent the BDO East Coast Partnership to apply for wind-up orders for Tianmei last month.

In a statement dated 21 November 2018, Tianmei Beverage Group Corporation Limited (ASX:TB8) said that the company is âseeking legal adviceâ in respect of the issue.

The winding up orders following the application of BDO East Coast Partnership are reported to be heard on 28 November 2018.

In May this year, the company announced the appointment of China-based auditor- Zhongxingcai replacing its previous Australian auditor.

Zhongxingcai has been operating since 1999 and is a PKF International member firm, providing audit, taxation, engineering cost consultation and asset appraisal services for both Chinese and international clients.

But since past few months there have been major exists from the Tianmeiâs Board and management. On 13 August 2018, the company announced the resignation of company Secretary Ms. Sophie Raven without giving any explanation for the departure. The exit was followed by the departure of previous company secretaries, including Justyn Nicholas Ong and Stedwell who resigned in February and March, respectively.

Then the exits reached to the companyâs Board in September. Starting with the resignation of Chairman Mr. Dong Xie in mid-September, two Executive Directors of the company resigned in November now leaving just two Directors on the Board. It includes the resignation of Ms. Xiao Han from the role of Tianmeiâs Executive Director on 9 November 2018, followed by companyâs today announcement that confirmed the steeping down of another Executive Director Mr. Songpei Guo.

Tianmeiâs stock remains suspended since 19 February 2018. It last traded at $0.130. Over the six months prior to its suspension, Tianmeiâs stock price has fallen by 29.73%. However, in year to date performance, TB8 stock has witnessed a decent performance change of 4.00%.

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