According to a statement by Hong Kong Exchanges and Clearing, the two firms purchased 371 cultural products such as , constituting 92% of the firms' total assets as of June 2016, but the firms could not prove that any professional appraisal or authentication of the assets in question had been carried out. Subsequent to an expert appraisal of the objects in question, in 2017 and 2018 the firms had impairment losses of over HK$8.4 billion in 2017 and 2018.
As stated by Hong Kong Exchanges and Clearing, the two companies purchased 371 cultural artifacts including , accounting for 92% of their total assets as of June 2016, but they failed to provide evidence that any professional assessment or authentication of the assets had been performed. Subsequent to an expert evaluation of the objects in question, the firms incurred significant losses of over HK$8.4 billion in 2017 and 2018.