Gelonghui, May 22丨Hanhua Financial Holdings (03903.HK) disclosed the progress of the company's shareholders' restructuring plan. The company's board of directors was informed by Loncin Holdings Co., Ltd.: On May 20, 2024, the Fifth Intermediate People's Court of Chongqing issued a (2022) civil ruling breaking No. 76 (“this ruling”), approving the extension of the implementation period of the restructuring plan for three months (until August 21, 2024).
The ruling found that 13 companies including Longxin Group Co., Ltd. were unable to complete the restructuring plan as scheduled due to their large assets and diversified industrial sectors. In order to protect the legitimate interests of all creditors, an extension of the execution period of the restructuring plan was approved for three months.
The extension of the implementation period of the restructuring plan will not affect the company's daily operations.