Glonghui, December 18|Baode International Development (00372.HK) announced that Mr. Zhu Bin filed the following petitions in the High Court of the Hong Kong Special Administrative Region against Qianyang Investment Limited, PT OBOR Financial Holdings Limited and Hong Kong Joint Investment Holdings Limited: (1) a ruling to liquidate Qianyang in accordance with section 177 (1) (f) of the Companies (Liquidation and Miscellaneous Provisions) Regulations Chapter 32 of the Hong Kong Laws; (2) or, Mr. Zhu purchased PTOBOR and the Hong Kong Union at prices determined by him in a manner deemed appropriate by the court The order of the invested Qianyang shares; (3) further or other relief and all necessary and corresponding instructions as the court may consider appropriate; and (4) costs.

According to section 177 (1) (f) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance, Chapter 32, Laws of Hong Kong, the court may wind up the company if the court considers that it was fair and just to wind up the company.

Both PTOBOR and Hong Kong Joint Investment are wholly owned subsidiaries of the company. Qianyang is a non-wholly owned subsidiary of the company. PTOBOR and Mr. Zhu own about 65% and 35% respectively. Hong Kong Joint Investment holds 9 shares of Qianyang on behalf of PTOBOR in the form of a trust, accounting for about 0.00% of Qianyang's issued share capital. Mr. Zhu is a director of Qianyang. According to the equity disclosure submitted by Mr. Zhu on August 18, 2023, Mr. Zhu also has an interest in the company's 315,222,769 shares, accounting for about 10.4% of the company's issued share capital. The Board believes that there is no legal basis for the petition, and the Group will respond positively to the petition.