Brief: China Huajun Group Says Application Made To Stock Exchange For Resumption Of Trading In Shares

China Huajun

13/01/2023 12:59

Jan 13 (Reuters) - China Huajun Group Ltd  0377.HK :
    * APPLICATION MADE TO STOCK EXCHANGE FOR RESUMPTION OF
TRADING IN
SHARES WITH EFFECT FROM 9:00 A.M. ON 16 JAN 2023
    * REFERES TO INVESTIGATION BY AUTHORITY ON EXECUTIVE
DIRECTOR
INVOLVEMENT IN CRIME OF FRAUDULENTLY OBTAINING LOANS
    * AMONG FROZEN PROPERTY, PLANT & EQUIPMENT OF RMB374.2
MILLION,
RMB204.7 MILLION ARE PLEDGED FOR BORROWINGS OF GROUP WHICH ARE
OVERDUE
    * SUCH LOANS ARE EXPECTED TO BE REPAID BY CASHFLOW FROM
OPERATIONS
AND DISPOSAL OF CERTAIN NON-CORE ASSETS OF GROUP
    * LENDERS HAVE ALREADY TAKEN LEGAL ACTIONS AGAINST GROUP
PRIOR TO
FREEZING OF COMPANY'S ASSETS BY AUTHORITY
    * CO EXPECTS THAT LOANS ARE TO BE REPAID BY ENFORCEMENT OF
PLEDGED
ASSETS
    * RMB2,313.6 MILLION OF INVESTMENT PROPERTIES, RMB1,514.7
MILLION
OF PROPERTIES HELD FOR SALE ALREADY PLEDGED FOR BORROWINGS
OBTAINED FROM BANKS
    * CONSIDERS INCIDENT HAS NO MATERIAL ADVERSE IMPACT ON
FINANCIAL
POSITION, BUSINESS AND OPERATION OF CO
    * REMAINING FROZEN PROPERTY, PLANT & EQUIPMENT OF RMB169.5
MILLION
ARE UNPLEDGED & ARE IN SUSPENSION
    * FROZEN ASSETS CAN STILL BE USED BY GROUP'S PRODUCTION AND
OPERATION

Further company coverage:  0377.HK 
 ((Reuters.Briefs@thomsonreuters.com;))