STERLING GP-NEW (ASX: 01825) has announced that it will not provide the emergency financial support requested by JPO.
As detailed in the interim report for the six months ended September 30, 2025, the group had combined receivables from JPO and Suntai amounting to approximately HK$147.1 million as of that date. Since September 30, 2025, no repayments have been made by JPO or Suntai to the group.
Recently, JPO made an urgent request to the group and to Ms. Wang Meihui, the company's Chairman, Executive Director, and Chief Executive Officer, for financial support ranging from about US$200,000 to US$600,000 (or roughly HK$1.56 million to HK$4.68 million). This funding was sought to meet JPO's operational needs, including making payments to its creditors.
According to information provided by JPO, a failure to secure the requested financial support could result in the company facing bankruptcy in the very near term.
After considering factors including JPO's financial condition, business outlook, and the group's significant outstanding receivables from JPO and Suntai, the company's board of directors resolved on June 12, 2026, not to provide the financial support JPO requested.
Ms. Wang Meihui has also indicated that, as of the date of this announcement, she personally has no intention of providing such financial support to JPO.
Should JPO be unable to meet its urgent operational needs and proceed towards bankruptcy, the company acknowledges that its own financial position and cash flow could be adversely affected due to the uncertainty surrounding the recoverability of the receivables from JPO and Suntai.
The company stated it will continue to monitor the business developments of JPO and Suntai, assess the impact of any related progress, take appropriate measures, and issue further announcements as necessary.
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