The Zhitong Finance App learned that Esprit Global (00330) fell nearly 10%. As of press release, it was down 9.41% to HK$0.231, with a turnover of HK$4.579 million.

According to the news, Esprit Global announced that the German subsidiary applied to commence bankruptcy proceedings under self-management with the competent bankruptcy court in Düsseldorf, Germany for each asset. According to the company, after a court order is made, the subsidiary's bankruptcy procedure will be carried out through a debt-holding procedure. This procedure will enable the subsidiaries to restructure their finances and operations and make full use of the tools provided by German bankruptcy law. As for self-management, the main advantage is that the management of each subsidiary company will continue to carry out daily business operations. Under the self-management process, the Group also continues to explore new financing opportunities. A number of interested investors have expressed interest in establishing strategic partnerships.

In 2023, Esprit Global achieved revenue of HK$5.912 billion, a year-on-year decrease of 16.3%; losses attributable to the company's shareholders were HK$2,339 billion, an increase of 252.26% over the previous year. As of December 31, 2023, Esprit Global's cash, bank balances and deposits were only HK$435 million. In March of this year, ESRA, a subsidiary of Esprit Global in Switzerland, officially filed for bankruptcy. In addition, BEBR, a subsidiary of the company in Belgium, has also filed for bankruptcy.