Chiho Environmental Group Limited released an update concerning Executive Director Mr. Tu Jianhua. The Hongkou District People’s Court of Shanghai issued an enforcement judgment on 4 November 2022 (case ref.: (2022)沪0109执923号) that lists Mr. Tu as a “dishonest person subject to enforcement for unpaid debts” and imposes a high-value consumption restriction.
The case stems from a loan dispute involving business partners of Loncin Group Co., Limited, where Mr. Tu is a legal representative and controlling shareholder. Mr. Tu, although neither a shareholder nor legal representative of the debtor companies, provided a personal guarantee that triggered joint and several liability after the borrowers defaulted. The court’s ruling targets the unpaid loan; no finding of fraud or dishonesty was made against Mr. Tu individually.
Chiho Environmental’s Board states that: • The entities involved in the ruling are not related to the Group. • Mr. Tu’s inclusion on the enforcement list derives solely from his role as guarantor, and he is not personally indebted. • The designation does not impede his ability to perform director duties, and he continues to meet the integrity and competence standards required under the Listing Rules.
Trading in Chiho Environmental shares has been suspended since 9:00 a.m. on 1 April 2025 and will remain halted pending fulfillment of resumption guidance from the Stock Exchange of Hong Kong. Further announcements will be made as appropriate.
Shareholders and potential investors are advised to exercise caution when dealing in the Company’s shares.
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