On October 10, EQWE (01152.HK) announced that the company has received a legal request for debt repayment ("Notice of Demand for Payment") from a legal advisor acting on behalf of the holder of accepted bills of exchange, in accordance with the Company (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong), Section 327(4)(a), dated October 10, 2020, requiring the company to pay the principal amount of accepted bills of exchange issued by the company to the holder, along with accrued interest of 20,316,438 Hong Kong dollars within three weeks from the date of service of the Notice of Demand for Payment, otherwise the holder of accepted bills of exchange may petition for the winding up of the company.

The board of directors is seeking legal advice on the Notice of Demand for Payment and assessing its impact. Additionally, the company will continue to negotiate with the holder of accepted bills of exchange and other creditors of the group to explore other possible repayment solutions.