Tech Pro further refutes allegations in Glaucus report

    Tech Pro Technology Development (03823) issued an announcement to respond and refute the allegations contained in the report issued by Glaucus Research Group California, LLC.
  The company noted the report making false allegation on fabricated financial performance of Shanghai Fuchao Property Management Company. It is entirely wrong for Glaucus to mistakenly believe and to claim and mislead the readers that "Tech Pro, as it admits, is only the sub-leasing agent of Universal Mansion". It has never admitted or represented that Shanghai Fuchao as a sub-leasing agent of Universal Mansion. Shanghai Fuchao is itself the sub-lessor of the Universal Mansion who is fully entitled to the entire rental income from leasing of Universal Mansion. The Group recognises rental income from leasing of Universal Mansion in accordance with the terms of the relevant lease agreements entered into with the tenants under Hong Kong Financial Reporting Standards (HKFRSs), whereas the rental income reported to the local tax bureau in SAIC filings was recognised when the relevant tax invoices were issued to the tenants.
  Tech Pro is of the view that the allegations and comments contained in the Glaucus report were made without due consideration of the underlying fact, and based on erroneous beliefs and misinterpretation of information, and are considered to be inappropriate and materially misleading.