Suncity Group Holdings said that the group has adopted the Hong Kong Dollar as the presentation currency for its consolidated financial statements for the year ended 31 December 2021 and going forward.
The consolidated financial statements of the Group had been presented in Renminbi prior to the Change of Presentation Currency.
Having considered that the majority of the Group’s transactions have been denominated and settled in HK$ after the completion of the disposal of the operations in the People’s Republic of China carried out by Access Achievement Limited and its subsidiaries on 30 June 2021, the Board considers that it is more appropriate to use HK$ as its presentation currency for its consolidated financial statements.
The change of presentation currency and the restatement of the comparative figures from RMB to HK$ are not expected to
have a material impact on the Financial Statements, it said.