Smart Finance app reported that taihe m-fin (01915) announced that the board of directors learned on October 30, 2024, that on October 29, 2024, the People's Court of Hanjiang District, Yangzhou City, Jiangsu Province has accepted the bankruptcy liquidation application against the company's controlling shareholder Baitai Group and the company's major shareholder Liantai Plaza. According to the ruling of Hanjiang People's Court, the application was filed by a creditor of Baitai Group, based on Baitai Group (as a borrower) and Liantai Plaza (as a guarantor) failing to repay the outstanding loans and interest amounting to 11 million yuan in total, in accordance with Articles 2 and 3 of the PRC Enterprise Bankruptcy Law, the applicant's request for bankruptcy liquidation of Baitai Group and Liantai Plaza is accepted.

The company is evaluating the potential impact of this application on the group's business operation and financial condition. The board of directors hereby emphasizes that this application is directed at Baitai Group and Liantai Plaza, not the company or any of its subsidiaries. The company has applied to the Hong Kong Stock Exchange for the resumption of trading of its H shares from 9:00 a.m. on November 1, 2024.