Crowncorp (00727) Plans to Facilitate Withdrawal of Liquidation Petition by Weihai Runhe

Stock News01-14

Crowncorp (00727) announced that its indirect wholly-owned subsidiary, Weihai Guosheng Runhe Real Estate Co., Ltd. (Weihai Runhe), submitted a voluntary liquidation petition to the People's Court of Weihai Torch Hi-Tech Industrial Development Zone in Shandong Province. The court issued a ruling accepting the petition on August 1, 2025. The Board of Directors was unaware of and had not approved the submission of the petition at the time it was filed, only learning of both the petition and the court's ruling on January 13, 2026. The company has obtained legal advice from its Chinese legal counsel regarding the petition. According to this legal opinion, under the Enterprise Bankruptcy Law of the People's Republic of China, Weihai Runhe may withdraw the liquidation petition at any time. Despite the existence of the petition, the company's control over Weihai Runhe has not changed, no payments have been made to Weihai Runhe's creditors during this period, and none of Weihai Runhe's assets have been sold. Weihai Runhe has been and will continue to be managed and operated by the company. The company intends to facilitate the withdrawal of the liquidation petition. As Weihai Runhe has not been liquidated and its assets have not been disposed of, the Board of Directors believes the liquidation petition has not had a material adverse effect on the Group's financial condition.

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