TONTINE WINES (00389.HK): Substantial shareholder Wang He initiates court proceedings in the High Court over placing agreement; Company to actively defend
NewTimeSpace News: China Tontine Wines Group Limited (stock code: 00389) published an inside information announcement, announcing that on 6 August 2026 the Company received a letter from Cheng Deng Law Firm (LLP) acting for Shuntuo Development Limited and Mr. Wang He (collectively, the "Plaintiffs"), formally notifying that the Plaintiffs had commenced Miscellaneous Proceedings No. 1316 of 2026 in the High Court of Hong Kong against, among others, the Company and/or other parties that may be named in the notice.
According to the notice, the Plaintiffs intend to seek, among other reliefs: declarations that the placing agreement is void and/or voidable at the option of the Company, and that the decisions of certain defendants to vote in favour of the placing agreement were made for improper purposes and/or in breach of their fiduciary duties; injunctions prohibiting the defendants from taking any steps to procure or arrange the performance of the placing agreement, or alternatively injunctions requiring the defendants to procure the immediate termination of the placing agreement; and costs. The Plaintiffs have also requested that the Company refrain from taking any measures that may prejudice their rights or alter the status quo pending the Court's ruling. The placing agreement is the agreement entered into by the Company with Yingkong Financial Securities Limited on or around 26 July 2026.
The Company stated that it is reviewing the notice together with its legal advisers and intends to actively defend its position and take all appropriate steps in the legal proceedings, with the formal court documents expected to be served in due course. The Board considers that the commencement of the court proceedings does not have any immediate material adverse impact on the Group's existing business operations or financial position, and the Company will continue to closely monitor developments and assess any potential impact on the placing agreement and related matters.
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