According to Zhitong Financial App, S&T Holdings (03928) announced that Double-Trans Pte Ltd. (“Double-Trans”, a private limited company incorporated in Singapore and a wholly-owned subsidiary of Shuangyun Holdings Co., Ltd., a company listed on the main board of the Stock Exchange) is one of the Group's customers. The company's board of directors notes that DBS Bank Limited (as the petitioner) has filed a winding-up petition against Double-Trans with the High Court of the Republic of Singapore regarding Double-Trans's failure to pay an outstanding amount due. According to currently available information, the Board of Directors believes that the petition is expected to affect the possibility that the Group will recover trade receivables and contract assets from Double-Trans. At the date of this announcement, the total amount concerned was approximately S$800,000, so impairment may be necessary. This will have a negative impact on the Group's operating results for the financial year ended September 30, 2023.

At the advice of the Group's legal adviser in Singapore, the Group has taken immediate and active measures to mitigate financial risks, including issuing reminders and statutory debt repayment letters to Double-Trans. The Group will also take further action in due course. Despite this, the board of directors believes it is unlikely that the Group will recover all trade receivables and contract assets from Double-Trans in the near future. The Board will continue to monitor the latest developments relating to the petition.