China Huajun (00377) issued a notice that the company was informed that Li Fuxing had filed a winding-up petition dated September 6, 2023 with the Court of first instance of the High Court of the Hong Kong Special Administrative region against the company. the content relates to the company's failure to repay HK $209200 of interest accrued on bonds issued by the company with a principal of HK $2 million.
In view of the above, the company is seeking legal advice on the petition to determine possible actions to protect the interests of the company and its shareholders as a whole. In view of the impact of a possible winding-up order on the transfer of shares, the company is also seeking legal advice on the feasibility and necessity of a possible application to the High Court for an authorization order. Shareholders are reminded that there is no guarantee that the company will apply for an authorization order or that any recognition order will be granted by the High Court even if it is applied for. If an approval order is not granted but the winding-up order is not dismissed or the winding-up order is permanently shelved, all transfers of shares after the commencement of the winding up shall be null and void.
The company will continue to maintain proactive communication with creditors and form a possible restructuring plan with them as soon as possible, with a view to announcing the terms of the plan to the market as soon as practicable. At the same time, the company will try its best to maintain active and good communication with the petitioner and will try to negotiate amicably with the petitioner on the principle of fairness to other creditors and properly handle the problem (including efforts to cause the petition to be withdrawn or rejected as soon as possible).