China Huajun Group (377) Provides Quarterly Update on Action Plan to Address Disclaimer of Opinion

Bulletin Express01-30

China Huajun Group Limited (Stock Code: 377) released a quarterly update on its plan to resolve the auditor’s disclaimer of opinion related to going concern. The company reported progress on offshore debt restructuring and issuance of new shares under a general mandate, aiming to address the issues highlighted in its 2024 annual report.

The offshore debt restructuring, via a scheme of arrangement, became effective on 26 June 2025. The scheme administrator has received claims from scheme creditors and is currently adjudicating them. In line with the scheme’s terms, China Huajun Group must issue a total of 24,600,000 new shares to these creditors no later than 26 June 2026.

Regarding new share issuance under a general mandate, the company signed a subscription agreement on 23 June 2025 to allot and issue 12,000,000 new shares at HK$1 per share. The net proceeds of HK$11.9 million are designated for general working capital and debt repayment. The long stop date of the agreement has been extended to 31 May 2026.

China Huajun Group reiterated its commitment to expediting the action plan to resolve the disclaimer of opinion. Further announcements will be made to keep shareholders and potential investors informed of the plan’s implementation status.

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