China Huajun (377) Announces Progress on Action Plan for Addressing Disclaimer of Opinion

Bulletin Express10-31

China Huajun Group Limited (Stock Code: 377) reported an update on its efforts to resolve the auditor’s disclaimer of opinion concerning going concern. The update reflects actions taken since the publication of its annual report for the year ended 31 December 2024.

The company’s offshore debt restructuring became effective on 26 June 2025, after all relevant conditions were fulfilled. The scheme administrator is in the process of adjudicating claims received in September 2025, and the company expects to issue 24,600,000 new shares to the scheme creditors by the end of 2025.

Separately, China Huajun noted ongoing steps in issuing new shares under a general mandate. On 23 June 2025, a subscription agreement was signed to allot 12,000,000 new shares at HK$1 per share, with net proceeds of HK$11,900,000 allocated for general working capital and debt repayment. The long stop date of the agreement has been extended to 31 December 2025.

The board intends to continue implementing its action plan and will release further announcements as necessary.

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