SINGAPORE - Sound Group Inc. (NASDAQ:SOGP), the global audio-centric social and entertainment company formerly known as LIZHI INC., today announced the appointment of Enrome LLP as its new independent registered public accounting firm for the fiscal year that ended on December 31, 2023. The company's audit committee of the Board of Directors approved this appointment, which is effective from today.
The selection of Enrome follows the company’s previous engagement with PricewaterhouseCoopers Zhong Tian LLP (PwC) as its auditor. PwC has expressed its commitment to assist both Sound Group and Enrome in ensuring a smooth transition.
Sound Group Inc., which has been publicly listed on the Nasdaq since January 2020, is known for its mission to connect people globally through the power of sound. The company aims to create the world's largest audio platform, emphasizing the importance of audio in enhancing human connections.
The information in this article is based on a press release statement from Sound Group Inc.
InvestingPro Insights
In the wake of Sound Group Inc.'s announcement of a new auditor, investors may be keen on understanding the company's current financial health and market position. According to real-time data from InvestingPro, Sound Group Inc. boasts a notably low Price / Book multiple of just 0.21 as of the last twelve months ending Q3 2023. This could indicate that the company's stock is currently undervalued relative to its book value, suggesting a potential opportunity for value investors.
Additionally, the company holds a P/E Ratio of 2.71, which is further adjusted to 2.67 for the same period, signaling that the shares could be trading at a lower multiple of earnings. This is complemented by an InvestingPro Tip highlighting that Sound Group Inc. is trading at a low earnings multiple, which could attract investors looking for stocks with earnings-based value potential.
Despite the challenges reflected in the market performance, with a significant price drop of over 70% in the past year, the company's balance sheet strength is notable. An InvestingPro Tip points out that Sound Group Inc. holds more cash than debt, providing it with a degree of financial flexibility that could be reassuring to investors concerned about the company's ability to weather market volatility.
For those interested in deeper analysis, InvestingPro offers additional insights on Sound Group Inc. There are 13 more InvestingPro Tips available, which can be accessed by visiting: https://www.investing.com/pro/SOGP. As a special promotion, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, providing a wealth of information for informed investment decisions.
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