According to the app from the Finance Intelligence Bureau, Sunshine 100 China (02608) has announced that, as of June 18, 2024, Bosun (Hong Kong) Co., Ltd (the petitioner) submitted a petition for the winding-up of the company to the High Court of the Hong Kong Special Administrative Region in relation to the company's failure to pay the redemption price of USD 50.475 million due on August 11, 2021 and annual default interest of USD 2.385 million on the unpaid principal of USD 45.00 million from August 11, 2021 to March 22, 2024. The petition will be heard at the High Court on Wednesday, August 28, 2024 at 10 a.m. The Company received the petition on June 19, 2024.

The company will seek legal advice and take all necessary actions to protect its legitimate rights and interests. In addition, the Company will oppose the petition, as the Board of Directors believes that the petition does not represent the interests of other stakeholders and may harm the Company's value. In view of the petition, the Company will consider applying for the Relevant Recognition Order to the High Court after consulting legal advice. Shareholders are reminded that the High Court does not guarantee to grant the Relevant Recognition Order. If the Relevant Recognition Order is not granted, all share transfers made on and after the commencement date will be invalid if the winding-up order is not rejected or long-pending.

The Company opposes the petition. However, in view of the impact of Regulation 182 of the Winding-Up Regulations on the Company, the Board of Directors reminds the Company's shareholders and potential investors that any transfer of the Company's shares made on or after the commencement date without the High Court's Relevant Recognition Order is invalid. According to a circular dated December 28, 2016, issued by Hong Kong Securities Clearing Company Limited (HKSCC) concerning the suspension of the services in respect of the transfer of listed issuer's shares after a winding-up petition has been presented, HKSCC may at any time exercise the right conferred on it under the General Rules of the Central Clearing and Settlement System to temporarily suspend the provision of its services in relation to the transfer of the Company's shares, including the suspension of accepting the deposit of the Company's shares into the Central Clearing and Settlement System, for participants (Participants) who carry out share transfers through HKSCC, subject to possible restrictions and uncertainties in the process of transferring shares. The Company's shares that have been accepted by HKSCC but have not been re-registered in the name of Hong Kong Central Clearing (Nominees) Limited will be refunded to the relevant Participants, and HKSCC will retain the right to set-off the securities from the Participants' central clearing system accounts against any rights to set-off securities already deposited. Generally, the above measures will cease to apply on the day when the winding-up petition is rejected, long-pending or the Company obtains the Relevant Recognition Order required from the High Court.

The presentation of the petition does not mean that the petitioner can successfully wind up the Company. As of the date of this announcement, the High Court has not issued a winding-up order to wind up the Company.