King Wu Financial News | la chapelle (06116) announced that the company received a "Civil Ruling" from the Shanghai Third Intermediate People's Court yesterday, ruling to not accept the applicant's application for substantial merger and reorganization of the group and its associated companies.

The announcement stated that the court considered that the group and its associated companies have not reached a level of high confusion of legal personalities, the cost of distinguishing the property of each associated enterprise member within the group is too high, there is no evidence to prove that the merger and disposal of the group and all associated enterprises can significantly improve the overall repayment rate of ordinary creditors, and the results of the consultations show that the majority of creditors and the representatives of the majority of creditors do not agree to the application for substantial merger. If you do not agree with the ruling, you can submit an appeal to the Shanghai Third Intermediate People's Court within 10 days from the date of service of the ruling, and appeal to the Shanghai High People's Court.