CHIHO ENV(00976.HK): Initiates Legal Proceedings Over Appointment of Receivers to Subsidiary Shares, Seeking Declaration That Appointments Are Null and Void

NewTimeSpace News: Chiho Environmental Group Limited (00976.HK) released an inside information announcement dated 7 July 2026. On 7 July 2026, the Company filed a writ with the High Court of Hong Kong and instituted legal action against the receivers and the Group’s subsidiaries under the receivers’ control. It seeks a declaration that the appointments of receivers and managers over all issued shares of CRIH, CRD and CTRL are null, void and ought to be set aside, as well as an injunction restraining the receivers from taking any actions or purporting to act as receivers, managers and directors of the relevant companies.

Previously on 14 May 2025, the Company received notice from FTI Consulting regarding the appointment of joint receivers and managers over the shares of the relevant subsidiaries. Despite the Company’s stance that such appointments were invalid, the receivers entered into a sale and purchase agreement with a purchaser to dispose of the Scholz Group. The Company’s attempts to negotiate debt settlement with FTI Consulting and creditors failed to yield results. The Company’s shares have been suspended from trading since 1 April 2025 and shall remain suspended until further notice.