24 April 2019

China Metal liquidation hearing delayed to March, paper says

Hong Kong’s High Court has decided to delay the hearing of a provisional liquidation of China Metal Recycling Holdings Ltd. (00773.HK) to March 10 next year, Singtao Daily reported Tuesday, citing a judge. In July, the Securities and Futures Commission sought to wind up the company after finding evidence it exaggerated its financial position in the prospectus for its initial public offering in 2009 and in its annual report for the same year. China Metal chairman Qin Zhiwei said he has not done anything illegal, the report said. The liquidation of two subsidiaries has been moved to next January after China Minsheng Banking Corp. (01988.HK), their biggest creditor, objected to their immediate wind-up, saying it could affect their repayment ability, the report said.

– Contact HKEJ at [email protected]



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