ALCO HOLDINGS (00328) announced that on June 21, 2024, the company received a winding-up petition filed by Shanghai Commercial Bank Ltd. in the Hong Kong High Court pursuant to Chapter 32 Companies (Winding Up and Miscellaneous Provisions) Ordinance of Hong Kong for providing guarantee for the repayment of all outstanding loans and debts of the Company's former indirect wholly-owned subsidiary, Joystar Electric Co., Ltd. The outstanding loans and debts are HKD 2.6245 million and USD 2.521 million, together with the accrued default interest. The hearing of the petition is scheduled for August 28, 2024.

The company will actively negotiate feasible settlement plans with Shanghai Commercial Bank. Currently, the company has reservations about the amount of overdue and outstanding loan debts mentioned in the petition regarding Joystar Electric. The company will seek further legal advice and take all necessary actions to protect its legitimate rights and interests. In view of the petition, after considering the progress of negotiations with Shanghai Commercial Bank, the company may consider whether to apply for recognition order from the Hong Kong High Court in the later stage.