XH NEWS MEDIA(00309.HK): Creditor Winding-up Petition Over Unpaid Service Fees of Approximately HK$589,000, Hearing Scheduled on 9 September
NewTimeSpace News: Xinhua News Media Holdings Limited (00309.HK) issued an inside information announcement on 18 June, disclosing that a winding-up petition was filed against the Company in the High Court of Hong Kong by Ngans Lawyers LLP over outstanding legal service fees of around HK$589,000, with the hearing set for 9 September 2026. The Company stated it will strongly oppose the petition and seek its withdrawal as soon as possible, and expects no material adverse impact on group operations in the short term. It also warned that share transfers may be restricted.
NewTimeSpace News: On 18 June 2026, Xinhua News Media Holdings Limited (00309.HK) released an inside information announcement. On 16 June 2026, a winding-up petition was presented against the Company to the High Court of Hong Kong by Ngans Lawyers LLP in respect of unpaid legal service fees totalling HK$588,808.00. The hearing of the petition is scheduled to take place on 9 September 2026.
Pursuant to the Companies (Winding Up and Miscellaneous Provisions) Ordinance, if the Company is eventually wound up, any disposal of the Company’s property, transfer of shares or change in shareholder identity taking place after the commencement date (16 June 2026) shall be void unless confirmed by an order of the High Court. Hong Kong Securities Clearing Company Limited may suspend any services provided in respect of the Company’s shares at any time.
The Company stated that it will strongly oppose the petition, holding that the petition fails to serve the interests of other stakeholders and may impair the Company’s value, and will take steps to procure the withdrawal of the petition as soon as practicable. It anticipates that the petition will not have a material impact on the overall operations of the Group in the short run. Should a settlement not be reached, the Company will seek legal advice and adopt all available measures to safeguard its legitimate rights and interests.
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