Titan Zhihua Technology (00872) issued an announcement relating to the financing agreement (that is, between the company (as a borrower) and independence...
According to Zhitong Finance App, Titan Zhihua Technology (00872) issued an announcement regarding the financing agreement (that is, a financing agreement between the company (as a borrower) and an independent third party, Sure Best International Holdings Limited (as lender) for a secured loan of HK$230 million), statutory debt repayment documents, and the appointment of a recipient of secured assets.
On January 4, 2024, the company received a winding-up petition from the lender filed with the Hong Kong High Court under the Companies (Liquidation and Miscellaneous Provisions) Ordinance under Chapter 32 of the Laws of Hong Kong against the Company, dated December 29, 2023.
The petition was submitted based on the company's liability under the financing agreement, involving the principal amount of the outstanding loan and its accrued interest. The petition will be heard in the High Court of Hong Kong at 9:30 a.m. on 13 March 2024.
The Board believes that the petition does not represent the interests of other stakeholders, but may damage the value of the company. The company is currently seeking legal advice on the appropriate course of action for the petition and will take all necessary actions to protect its legal rights and the overall interests of the company and shareholders
Furthermore, trading of the company's shares continues to be suspended.