[Caihua News]Zhuo Yue Holdings (00653.HK)It was announced that on 30 September 2021, the company learnt that Chung Geng-Leung (petitioner) filed a winding-up petition No. HCCW355/2021 with the High Court of the Hong Kong Special Administrative region on 28 September 2021 under the companies (Winding-up and Miscellaneous provisions) Ordinance, Cap. 32 of the laws of Hong Kong, a subsidiary of the company, Cheuk Yuet Chemical Wholesale Centre Limited, for winding-up of Cheuk Yuet Chemicals. The petition will be heard in court at 09:30 on December 8, 2021.

The main reason for submitting a petition is that Zhuo Yuet Hua has failed to pay HK $1204000 (i.e. outstanding judgment debts and fees) for the petitioner in accordance with the judgment made by the petitioner in accordance with the legal dispute between the petitioner and Zhuoyue Chemical.

The board of directors of the company is seeking legal advice on petitions. To the best of the Board's knowledge, as of the date of announcement, the petition has not had any material impact on the business and normal operations of the Company and its subsidiaries.

The company will make a further announcement in due course to inform shareholders and investors of any significant developments in the petition.