SHIMAO GROUP (00813.HK): Winding-up petition filed by Guotong Trust; first hearing scheduled for 11 November
NewTimeSpace News: On 27 August 2026, Shimao Group Holdings Limited (stock code: 00813) issued an inside information announcement that Guotong Trust Co., Ltd. had filed a winding-up petition against the Company with the High Court of the Hong Kong Special Administrative Region on the same day, relating to judgment debts arising from four judgments made by courts in Mainland China, with an aggregate amount of RMB 2,497,885,817. The High Court has fixed the first hearing date of the petition as 11 November 2026.
The announcement cautioned that the filing of the petition does not mean that the petitioner can successfully wind up the Company, and that no winding-up order has been issued by the High Court as of the date of the announcement. Under Section 182 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance, should the Company ultimately be wound up as a result of the petition, any disposition of the Company's property (including choses in action) directly owned by the Company made after the commencement date (27 August 2026), as well as any transfer of shares or change in the status of members, will be void unless a validation order is granted by the High Court; the Company will consider at a later stage whether an application for a validation order is required.
The announcement also reminded that, pursuant to the HKSCC circular dated 28 December 2016, HKSCC may exercise its powers at any time to temporarily suspend services for participants regarding share transfers without prior notice, possibly including suspension of the service for depositing the Company's shares into CCASS; such measures will generally cease to apply on the day the petition is dismissed or permanently stayed, or when the Company obtains the required validation order from the High Court.
The Board believes that the petition does not represent the interests of other stakeholders of the Company and may impair the Company's value; the Company will seek legal measures to resolutely oppose the petition and take all necessary actions to protect its legal rights and the interests of other stakeholders. Securities holders and prospective investors of the Company should exercise caution when dealing in the Company's securities.
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