U-BX Technology Ltd. - UBXG

First the CFO, then the auditors

As I mentioned in my original spiel, the CFO that took the company public on March 27th 2024 resigned a little over a month later.

“On May 3, 2024, Xiaoli Zhong tendered her resignation as the Chief Financial Officer of U-BX Technology Ltd. (the “Company”).”

Today we learn that on August 5th the company fired their auditor Wei Wei & Co.

“On August 5, 2024, U-BX Technology Ltd. (the “Company”) notified Wei, Wei & Co., LLP, the independent registered public accounting firm of the Company, of its decision to dismiss Wei, Wei & Co., LLP as the Company’s auditor.”

In their stead, they hired somebody these folks.

“On August 8, 2024, the Audit Committee and the Board of Directors of the Company approved and ratified the appointment of HTL International, LLC as its new independent registered public accounting firm to audit the Company’s financial statements, effective on Augus 21, 2024.”

Now, if you do a search for “HTL International LLC” about the only thing you come up with is these folks, based in Singapore, that make leather furniture.

If you search for that name and add the word “accounting” to the search term, you get these folks, HTLCPA.

Which is it? I’m guessing it’s the CPA firm with offices in Houston, Taipei, Shanghai, and Guangzhou.

Either way, changing CPA firms in the middle of what’s supposed to be an audit (June 30th year end) is not exactly a good look, but I tend to doubt they really care. I believe we should see a 20-F filed by the end of October, but we shall see.

As sometimes happen, since mentioning this name last week, the shares have become subject to a rather nasty squeeze. Trading volume has exploded higher so that it now trades multiples of its entire float on a daily basis.

How long can that last? That’s anyone’s guess.

How will it all end? I think that part is fairly certain.