On November 15, Gelonghui announced that shanshui cement (00691.HK) revealed that the Court of Appeal of the Cayman Islands ruled to revoke the warrant based on defects in Tianrui's warrant, and Tianrui appealed to the Privy Council on October 11, 2022.

The Privy Council issued its ruling on November 14, 2024, agreeing to Tianrui's appeal. The result of this ruling will allow Tianrui to directly raise claims against the company in the name of the shareholder (rather than being required to raise claims through derivative lawsuits). The Privy Council did not make any determinations on the substantive factual bases of Tianrui's claims; those matters remain to be adjudicated.

The company believes that the order sought in the warrant and/or declaration has no reasonable basis and will actively defend against the warrant and Tianrui's claims.