XH NEWS MEDIA (00309.HK): Winding-up Petition Filed at the High Court over Unpaid Debt of About HK$4.05 Million

NewTimeSpace News: On 11 September 2026, Xinhua News Media Holdings Limited (stock code: 00309.HK) announced that it has come to the attention of the Company that a winding-up petition (the "Petition") was filed by Mr. Tsui Kwok Hing (the "Petitioner") on 11 September 2026 with the High Court of the Hong Kong Special Administrative Region (the "High Court") against the Company on the ground that the Company is indebted to the Petitioner in the outstanding sum of HK$4,050,363.59 in respect of directors' advances. The Petition is scheduled to be heard before the High Court on 2 December 2026.

The announcement stated that, under section 182 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong), if the Company is ultimately wound up as a result of the Petition, any disposition of the property of the Company directly held by it (excluding, for the avoidance of doubt, the property of the Company's subsidiaries), any transfer of shares of the Company, or any alteration in the status of the Company's shareholders, made after the commencement date of the winding-up (11 September 2026, being the date of presentation of the Petition) would be void unless a validation order is obtained from the High Court. If the Petition is subsequently withdrawn, dismissed or permanently stayed, any such disposition, transfer or alteration made on or after the commencement date would not be affected. The Board reminded shareholders and potential investors that, without a validation order from the High Court, any transfer of shares of the Company made on or after the commencement date would be void.

The announcement further stated that the presentation of the Petition does not mean that the Petitioner has been successful in winding up the Company; as at the date of the announcement, the High Court has not granted any winding-up order to wind up the Company. The Company stated that it will strongly oppose the Petition and considers that the Petition does not represent the interests of other stakeholders and may damage the value of the Company; the Company will take action to resolve the dispute with the Petitioner and procure the withdrawal of the Petition as soon as practicable, and expects the Petition to have no material impact on the overall operations of the Group in the short term. If the Petitioner and the Company cannot reach a settlement, the Company will seek legal advice on applying for a validation order and take all legal measures to safeguard its lawful rights and interests. The Company will make further announcement(s) as and when appropriate or as required under the Listing Rules.

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