Summary by Futu AI
Yida China Holdings Limited (“Bida China”) announced on 21 May 2024 that it had received an accelerated notice issued by the Trustee to request the accelerated repayment of the Preferred Notes due in 2025 due to outstanding payments and interest not being paid. The Accelerated Notice is issued at the direction of holders holding at least 25% of the principal amount of the Preferred Notes. If the Directive is effective, the principal, premium and unpaid interest on the Priority Notes will be due immediately. China said it was working hard to resolve the issue and maintain communication with the note holders, seeking the best solution to protect all stakeholders. In addition, China's shares were suspended from 2 April 2024 on the Stock Exchange of Hong Kong Limited (the “Exchange”) pending the publication of the annual results announcement for the year ended 31 December 2023. The Company continues to operate as usual and will continue to monitor the financial and business situation and inform shareholders and potential investors in a timely manner.