Gelonghui, April 30 | Huakong Kangtai (01312.HK) issued an announcement. As of the date of this announcement, neither the 2019 Hong Kong legal proceedings nor the 2021 Hong Kong legal proceedings had been tried.
On April 29, 2024, the company received a petition from True Cayman and Fester Global's overseas registered agent (as petitioner) against True Cayman, dated April 25, 2024, with respect to: (a) winding up True Cayman; (b) stipulating other shareholders of True Cayman or True as an alternative to a winding-up order under section 95 (3) of the Cayman Islands Companies Act Cayman itself purchases True Cayman's shares at fair market value and reduces True Cayman's share capital accordingly (if True Cayman itself buys); (c) the Cayman Court grants further or other remedies as it deems appropriate; and (d) Active Gains' costs are paid by True Cayman and/or Fester Global where the Cayman Court deems appropriate.
Active Gains' main allegation in the 2024 Cayman petition is that its relationship with Fester Global has reached the point where it is irretrievable and that in this untenable situation, it is not in the best interest of True Cayman or its shareholders.
The Group denies the allegations in the 2024 Cayman Petition and will contest the 2024 Cayman Petition.