SC HOLDINGS(00413.HK): Two Winding-up Petitions Filed Against Subsidiary Wah Shing Toys, Total Amount Involved Approximately HK$8.72 Million
NewTimeSpace News: South China Holdings Company Limited (00413.HK) announced that Wah Shing Toys Limited, its indirectly wholly-owned subsidiary, received two winding-up petitions on 17 June and 18 June 2026 respectively, involving outstanding payments totalling around HK$8.72 million, with both hearings scheduled for 2 September 2026. As at the date of the announcement, no winding-up order has been issued by the High Court.
NewTimeSpace News: South China Holdings Company Limited issued an inside information announcement dated 7 July 2026. Hung Yip (Hong Kong) Packaging Products Limited lodged the first petition on 17 June 2026 in respect of outstanding payments amounting to HK$2.6783 million plus US$138,100 (equivalent to approximately HK$1.0772 million). Yuen Fat Paper Products Factory Limited filed the second petition on 18 June 2026 involving outstanding payments of HK$4.9694 million. Both petitions seek an order to wind up Wah Shing Toys, and the hearings are fixed on 2 September 2026.
Wah Shing Toys is the Group’s indirectly wholly-owned subsidiary principally engaged in toy manufacturing. For the five months ended 31 May 2026, Wah Shing Toys contributed approximately 28.2% of the Group’s revenue (around HK$872.69 million) and recorded an unaudited loss of about HK$190 million, accounting for roughly 57.0% of the Group’s total loss. The losses were mainly attributable to US tariffs, sluggish consumer market and weakened demand for toys.
The Company is taking legal advice to formulate appropriate responses to the petitions. The Board of Directors is of the view that the Group’s other core businesses with substantial operations remain sustainable.
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