According to the Zhitong Finance App, Rongfengyi Holdings (03683) issued an announcement. The company has been negotiating with the petitioner on repayment since February 24, 2022, with the petitioner for a total of US$5.13 million in claims relating to convertible bonds, with a view to reaching agreement on new repayment terms. As of the date of this announcement, the company and the petitioner are currently engaged in settlement negotiations with a view to withdrawing the petition and determining the final terms and conditions to be set out in the final agreement, and preparations for the relevant agreement are still ongoing.

The company further announced that the petitioner has applied to the High Court of Hong Kong to adjourn the hearing date of the petition, and an order has been issued to postpone the hearing to the High Court of Hong Kong until 11:00 a.m. on June 15, 2022.

An update on the subscription agreement for $50 million corporate bonds due in 2024. The subscriber has notified the company that the implementation of the subscription agreement for issuing corporate bonds will not be completed. The company is seeking advice from legal advisers to determine the next steps and possible actions to be taken with respect to the subscriber's breach of the subscription agreement.

Furthermore, trading of the company's shares continues to be suspended.