Gelonghui, May 9 | Titan Zhihua Technology (00872.HK) announced that Zhao Hui has proposed to resign as the company's executive director, effective May 8, 2024, and Zou Qiming has proposed to resign as an independent non-executive director of the company, effective May 8, 2024. They all need more time due to other business developments. As a result, Zou Qiming is no longer a member and chairman of the company's audit committee.
It was further announced that as of May 8, 2024, Chow Yun-cheung has resigned as company secretary, authorized representative and financial director of the company, and has agreed to be reassigned as the company's executive manager. Following Chow Yun-cheung's resignation and reassignment, the company will have no company secretary and only one authorized representative, and will not be able to comply with the requirements of sections 3.05 and 3.28 of the Listing Rules.
Furthermore, the acquisition by the company concerned of 56.33% of GRB (a company incorporated under Malaysian law) involved the issuance of bonds by the company to various sellers (“bondholders”) and the company using a share pledge (“share pledge”) of GRB shares provided by the bondholder as the beneficiary as collateral. The bondholder has issued a notice to the company, stating that since Sure Best International Holdings Limited filed a winding-up petition against the company, a default incident has occurred and requested the company to correct it. On May 7, 2024, the company received an enforcement notice from each bondholder, informing them that they would exercise their right to enforce the share pledge within four days, transfer ownership of the relevant pledged shares from the company to the bondholder and obtain ownership of them.