PASHUN INT'L (00574.HK): Winding-up petition filed over unpaid HKD 8 million loan, trading remains suspended
NewTimeSpace News: On 1 September 2026, Pa Shun International Holdings Limited (stock code: 00574) issued an inside information announcement regarding a winding-up petition. The petition arises from the Company's failure to repay a loan borrowed from the petitioner, with a principal amount of HKD 8 million, which matured on 10 November 2024 and carried an annual interest rate of 12%, with accumulated interest of approximately HKD 326,000 as of 31 December 2025. As the loan was borrowed before the effective date of the Company's debt restructuring scheme (12 March 2024), the Company has included it as a repayment obligation under the scheme.
The petition has only been filed with the High Court for the winding-up of the Company, and no winding-up order has been granted as of the date of this announcement. Under section 182 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance, if the Company is ultimately wound up, any disposition of property, transfer of shares or change in the status of shareholders made after the commencement of the winding-up (i.e. 26 June 2026) will be void unless a validation order is obtained from the High Court. In accordance with the HKSCC circular, given the restrictions and uncertainties that may arise from the transfer of shares, HKSCC may at any time suspend its services in respect of the shares, including suspending acceptance of deposits of the Company's share certificates into CCASS.
According to the knowledge, information and belief of the directors, the petition has no material impact on the business operations of the Company and its subsidiaries. The Company is currently engaging legal advisers and reviewing the petition, will present its position at the court hearing, and will assess whether it is necessary to apply to the High Court for a validation order. At the Company's request, trading in its shares has been suspended on the Stock Exchange since 9:00 a.m. on 2 July 2026 and will continue to be suspended until further notice.
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