Shenbao Department Store (00312.HK): Update on Solution for Overdue Consultancy Fees; Legal Proceedings Not Instituted for the Time Being

NewTimeSpace · 2026/06/16 18:34 · By Boyuan Chen

NewTimeSpace News: Shenbao Department Store issued a supplementary announcement on June 16 regarding follow-up arrangements for the deferred consultancy fee agreement previously rejected by independent shareholders. The Company will not initiate legal action against Shen Runfeng for the time being, and will recover overdue consultancy fees via continuous debt collection, financial condition monitoring and other measures.

NewTimeSpace News: On June 16, 2026, Shenbao Department Store (00312.HK) announced that the deferred payment agreement for consultancy fees was previously voted down by independent shareholders and has not taken effect. The Board has resolved not to institute legal proceedings temporarily. Given that Shen Runfeng’s capital is under strict control by lending banks and capital supervision agreements, while the Group is an unsecured creditor, commencing legal procedures requires substantial upfront costs which may exacerbate pressure on working capital.

Shenbao Department Store stated that it will adopt measures including ongoing debt recovery, semi-annual reviews of financial performance and follow-up on creditor-related proceedings.

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