Hope Education (Hippoh International Holdings Limited) issued a supplemental notice on April 14, 2024, mentioning its liquidation petition event announced on March 28. The Company was notified of the petition after the March 27 trading session and promptly convened a Board Meeting to respond. The Board considers that the petition does not have a material adverse effect on the Group's financial performance, condition and business operations, noting that the normal functioning of the school and the financial accessibility of the school are free of financial obstacles. The Company has received a notice from the creditor that the default of the Notes does not constitute a breach under any other agreement and the Company has not received any legal notice of bank or other...Show More

Hope Education (Hippoh International Holdings Limited) issued a supplemental notice on April 14, 2024, mentioning its liquidation petition event announced on March 28. The Company was notified of the petition after the March 27 trading session and promptly convened a Board Meeting to respond. The Board considers that the petition does not have a material adverse effect on the Group's financial performance, condition and business operations, noting that the normal functioning of the school and the financial accessibility of the school are free of financial obstacles. The Company has received a notice from the creditor that the default of the Notes does not constitute a breach under any other agreement and the Company has not received any legal notice of bank or other borrowing-related default. Hope Education has developed a preliminary plan to repay the bonds, including seeking investor participation in fundraising activities, bond refinancing, and discussing debt restructuring plans with petitioners. The Company has appointed consultants to assess the impact of the petition and assist in negotiating debt restructuring plans. In addition, the company plans to apply to the High Court for a recognition order to protect the interests. The Company believes that a reasonable debt restructuring plan is in the best interests of creditors and will continue to communicate with bondholders seeking solutions. The Company will notify shareholders and investors of any significant developments in the Petition.