Summary by Futu AI
On July 18, 2024, Sino-Ocean Group issued an announcement regarding further news of the bankruptcy petition of its four subsidiaries, Sino-Ocean Real Estate Bao Cai I to IV Co., Ltd. The first hearing date for the bankruptcy petition has been scheduled for September 11, 2024 by the High Court. Sino-Ocean Group stated that the Board of Directors believes that the bankruptcy petition is not in the interests of other shareholders and may cause damage to the company's value. Therefore, the company decided to take legal action to strongly oppose this petition and to protect the company's legal rights and interests. At the same time, the company will actively communicate with the petitioner and seek a friendly negotiated solution. The company also reminds shareholders and potential investors that share transfers may be restricted due to the possible suspension of share deposits into the overnight clearing system. The announcement was issued by Shen Peiying, the company secretary, on behalf of the Board of Directors.