Zhitong Finance App News, Jiurong Holdings (02358) issued an announcement. On March 26, 2024, the company sought to continue extending the validity of the asset freeze injunction issued against Mr. Shao Ziming (Mr. Shao), a former executive director of the company in August 2023, until the completion of the trial of the two High Court lawsuits brought by Mr. Shao by the company and Hanao Limited (a wholly-owned subsidiary of the company) against Mr. Shao in front of Judge Chen Jiaxin of the High Court of the Hong Kong Special Administrative Region. The contents of the above High Court lawsuits relate to certain alleged remuneration payments made to Mr. Shao and certain alleged transactions approved by Mr. Shao during his tenure with the Group (collectively, “such High Court Lawsuits”). Mr. Shao was the company's executive director, company secretary, authorized representative and member of the Remuneration Committee at critical times. The commencement of legal proceedings between the Company and Hanao stemmed from doubts about the legality and legitimacy of certain alleged transactions approved by Mr. Shao during his tenure as directors of the Company and Han Ao and certain alleged remuneration paid to Mr. Shao before he resigned from the Group.
At the hearing, the court reserved its ruling and stated that it would announce a reasoned ruling within the next three months (on whether the asset freeze injunction against Mr. Shao continues to be in effect). The asset freeze injunction issued against Mr. Shao remains in effect during this period.
As of the date of this announcement, the Company believes that such high-court lawsuits will not have any significant adverse impact on the Group's overall business and operations. The company is committed to protecting the interests of the company and its shareholders, and will continue to monitor the development of such high-court lawsuits. The Company will make further announcements in due course in accordance with the listing rules to inform its shareholders and potential investors of any significant developments in such high-court lawsuits.