Huscoke Holdings (00704) announced that the company has received a statutory demand for payment of debt from Shinda Hong Kong. The company is required to pay HKD 200 million of unpaid principal and HKD 80.85861 million of interest as of June 17, 2024, and daily interest of approximately HKD 87,000 thereafter within 21 days of the delivery of the second statutory demand for payment of debt issued by Shinda Hong Kong's legal representative after the trading session on June 17, 2024, otherwise Shinda Hong Kong may apply for the liquidation of the company.
According to the announcement by Huscoke Holdings (00704), the company has received a statutory demand for payment of debt from Shinda Hong Kong. After the trading session on June 17, 2024, the company received a second statutory demand for payment of debt from Shinda Hong Kong's legal representative, which requires the company to pay HKD 200 million of unpaid principal and HKD 80.85861 million of interest as of June 17, 2024, and daily interest of approximately HKD 87,000 thereafter within 21 days of the delivery of the second statutory demand for payment of debt. Otherwise, Shinda Hong Kong may apply for the liquidation of the company.
As of the date of this announcement, Shinda Hong Kong holds convertible preferred shares of Hejin limited through a wholly-owned subsidiary and Hejin limited owns 100% equity of the company's controlling shareholder Sunwah limited.
The company is seeking legal advice in this regard and evaluating whether it will have a significant adverse impact on the company's operation, and is also discussing with Shinda Hong Kong to achieve a friendly resolution.