On June 27th, Gelunhui reported that K.H. Group Holdings (01557.HK) noted that Bank of East Asia Limited ("Petitioner") submitted a winding-up petition to the High Court of the Hong Kong Special Administrative Region (the "Court") on June 21, 2024 against the Company and its wholly-owned subsidiary Jianhong Groundwork Company Limited. The petition relates to the outstanding credit limit of approximately HKD 11.6 million and accrued interest granted by the Petitioner to Jianhong Groundwork, which has not been repaid, and the guarantee signed by the Petitioner for the outstanding amount of the credit limit granted by the Company to Jianhong Groundwork, which has not been repaid. The petition is expected to be heard on August 28, 2024.
The Company will actively negotiate feasible solutions with the Petitioner, seek legal advice, and take appropriate actions as recommended. The Company will also continue to explore opportunities to generate additional cash flow and improve the financial position of the Company and its subsidiaries.