Shanshui cement (00691) announced that the company and its subsidiaries, China Shanshui cement Group (Hong Kong) Limited (China Shanshui (Hong Kong)) and China Pioneer Cement (Hong Kong) Company Limited (Pioneer) received a writ of summons dated 28 June 2023 from Tianrui Group Company Limited (Tianrui) in the Court of first instance of the High Court of the Hong Kong Special Administrative region, lawsuit No. HCA 2023.
In the writ of subpoena, Tianrui claimed that it provided loans to the Company, China Shanshui (Hong Kong), Pioneer and Shandong Shanshui cement Group Co., Ltd. The outstanding amount of the loan was approximately RMB 928.6 million (after currency exchange). Tianrui claims to repay the loan.
The company has engaged legal counsel to actively investigate and respond to the claims set out in the writ of summons and is considering its position, while the winding-up petition filed by Tianrui (International) Holdings Limited, a subsidiary of Tianrui, against the company is still pending, pending consideration by the Grand Court of the Cayman Islands.