This article first appeared in The Edge Malaysia Weekly on October 26, 2026 - November 1, 2026

China-based HB Global Ltd (KL:HBGLOB) announced last week that its Oct 15 application to change its financial year end for the second time this year — from June 30 to Nov 30 — had been rejected by Singapore’s Accounting and Corporate Regulatory Authority (ACRA).

The ready-to-serve food and frozen vegetables company had earlier changed its financial year end from Dec 31 to June 30 to avoid peak reporting periods, improve operational alignment and strengthen governance and internal controls.

The latest attempt came as UHJ Malaysia PLT withdrew consent to act as its Malaysian auditor on Oct 14. That departure occurred less than a month after HB Global appointed FOZL Assurance PAC as its statutory auditors in Singapore on Sept 17, following the resignation of UHY Lee Seng Chan & Co on Sept 7 at the tail end of its audit for the financial period ended June 30, 2026.

HB Global is appealing the rejection, citing changes in its audit arrangement and challenges in meeting financial reporting obligations in both countries.

The latest developments at the company are probably not surprising to market watchers, given the company’s history. It languished under the Practice Note 17 category for financially distressed companies between 2013 and 2019 after auditors issued a disclaimer of opinion on its accounts. In 2018, Bursa Malaysia publicly reprimanded it for breaches stemming from significant discrepancies between its audited and unaudited numbers.

Notably, HB Global has been loss-making since FY2020.

ACRA’s refusal to play ball is a good thing for market discipline. After all, repeatedly allowing listed companies to push reporting deadlines does nothing more than letting them kick the can down the road while obscuring the true state of affairs from minority shareholders.

This also aligns with the broader tone of Securities Commission Malaysia chairman Datuk Mohammad Faiz Azmi earlier this year, when he cautioned that chronic underperformers should not be allowed to be a drag on the overall market. On that note, does this warrant any action from the SC?

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