COASTAL GL (01124.HK): Receiver Appointed over Approximately 36.93% Shares Held by Controlling Shareholder CIH Due to Financing Default
NewTimeSpace News: COASTAL GL (01124.HK) announced that a receiver has been appointed over 153,126,197 shares held by controlling shareholder Coastal International Holdings Limited (CIH), representing approximately 36.93% of issued share capital. The share charge relates to two financing agreements between CIH and lender Renwen Group, with aggregate outstanding liabilities exceeding HK$35 million.
NewTimeSpace News: On 10 July 2026, COASTAL GL (01124.HK) issued an inside information announcement disclosing the appointment of a receiver over shares held by controlling shareholder Coastal International Holdings Limited (“CIH”).
As disclosed in the announcement, CIH entered into two financing agreements with lender Renwen Group in November 2024 and September 2025, with principal amounts of HK$7 million and HK$25 million respectively and an annual interest rate of 30%. The facilities are secured by 153,126,197 shares held by CIH, accounting for around 36.93% of the Company’s issued share capital. Due to continuing events of default, the lender and security trustee have appointed Mr. Yang Wenxin from Changjing (Hong Kong) CPA Limited as receiver under the security documents.
The Company is continuously assessing the legal, financial and operational implications arising from the above action and will closely monitor further developments.
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