Zitong Financial App NewsletterZhuo Yue Holdings (00653)Notice that on 30 September 2021, the company learnt that the petitioner Zhong Gengliang applied for winding-up petition HCCW355/2021 to the High Court of the Hong Kong Special Administrative region in accordance with the companies Ordinance, Chapter 32 of the laws of Hong Kong, regarding Zhuo Hyatt Cosmetics Wholesale Centre Limited, a subsidiary of the company, for winding up Zhuoyue Cosmetics. The petition will be heard in court at 09:30 on December 8, 2021.

The main reason for the petition submitted by Zhuo Yue Cosmetics is that Zhuo Yue Cosmetics failed to pay HK $1.204 million for the petitioner in accordance with the judgment made by Zhuo Yue Cosmetics in accordance with the legal dispute between the petitioner and Zhuoyue Cosmetics.

The Board of Directors of the Company is seeking legal advice on the petition and to the best of its knowledge, the petition has not had any significant impact on the business and normal operations of the Company and its subsidiaries so far.