Takung Art Discusses Going Concern Risk Tied to PRC Suspension

Takung Art Co. added a passage in its 10-Q filing on the going-concern risk raised by the suspension this month of its artwork unit trading platform by the People’s Republic of China, and said it’s seeking strategic partners.

• “Due to the recent regulatory scrutiny by PRC governments on digital asset-related business, the artwork unit trading platform operated by the PRC subsidiary Tianjin Takung was suspended by the local authority,” the company said. “The local authority indicated the suspension was to facilitate certain investigation, although it did not announce the purpose of the investigation.”
  • Takung intends to fully cooperate, it said, ...