China Geothermal Energy (08128.HK) announced that Heng Youyuan Investment, a wholly-owned subsidiary of Beijing Life Insurance, was notified by Beijing Life Insurance of the sale of about 4.99965% of its stake in Beijing Life Insurance, which received a notice of assistance in enforcement issued by the Beijing No. 1 Intermediate people's Court together with a civil ruling.
According to the civil order, the court ruled to implement the property security measures applied by the applicant Shanghai Gangze for Hengyuan Investment and Beijing Rungu respectively, freeze the deposits of Hengyuan Investment and Beijing Rungu in the bank or seize or withhold the property of their corresponding value, the limits for Hengyuan Investment and Beijing Rungu are 245 million yuan (the same below) and 8.218 million yuan respectively.
In addition, according to the letter of assist, Beijing Life is required to assist in freezing the 4.99965% equity held by Hengyuan Investment, with the corresponding paid-in capital contribution of 143 million yuan, frozen for three years from January 12 this year to January 11, 2025, during the freeze period, the transfer, sale and pledge of the above-mentioned shares are prohibited without the permission of the court. At present, Heng Youyuan Investment has learned that its account with the Agricultural and Commercial Bank of Beijing has been frozen.