Zhitong Financial APP News, strength Construction Industry (00519) issued an announcement that on May 19, 2022, the company's wholly-owned subsidiary strength Investment Development Limited (strength Investment) submitted a petition to the Grand Court of the Cayman Islands against Green Asia Restructure Fund SPC (Green Asia) in respect of the appointment of the asset receivers of Green Asia Restructure SP and Green Asia Restructure SP II (collectively referred to as "the funds"). The petition was served on Green Asia on May 20, 2022.

On 26 April 2017, 14 July 2017 and 28 September 2017, Power Investments entered into subscription agreements to subscribe for Class A shares in these funds, which are independent portfolios of Green Asia. Changya Asset Management Limited acts as the manager of these funds.

Under these subscription agreements, Power Investments may withdraw its investment in these funds by way of redemption of Green Asia shares in accordance with the terms of the Memorandum and articles of Association of Green Asia. On 18 January 2022, Power Investments issued a redemption notice to Green Asia and Changya that it intends to redeem 4200 Class A shares in these funds for a total redemption amount of HK $30.4972 million.

As of the date of this announcement, Green Asia has failed to pay the redemption amount or any part thereof to Power Investment in accordance with the redemption notice. In view of the non-payment of the redemption amount by Green Asia, in order to protect the interests of the Group and shareholders, Power Investment filed a petition with the Cayman Court on 19 May 2022 (Cayman Islands time) and applied for the appointment of asset receivers for these funds. The date for the hearing of the application for the appointment of a receiver has not yet been fixed.