New City Dev (00456.HK) announced on July 15th that the board of directors was recently informed by its subsidiary that the appeal has been rejected by the Chinese court of jurisdiction, and the Chinese court of jurisdiction upheld the decision.

The subsidiary has sought legal advice in China and believes that they have sufficient grounds to apply to the higher Chinese court for a retrial of the above matter. The company will provide the latest information to its shareholders and potential investors in a timely manner regarding significant developments related to the appeal in accordance with listing rules.