Shimao: court sets winding-up petition first hearing date on June 26

By Marisa Wong

Los Angeles, April 10 – Shimao Group Holdings Ltd. announced that the High Court of Hong Kong has set the first hearing date for the winding-up petition against the company to be on June 26.

The winding-up petition against Shimao was filed on April 5 by China Construction Bank (Asia) Corp. Ltd., as previously reported.

The petition was filed in connection with a financial obligation of Shimao in the amount of about HK$1,579,500,000.

The company noted in its latest announcement that no winding-up order has been granted by the court as of April 10.

Transfer of shares

As previously announced, in accordance with section 182 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong), if Shimao is ultimately wound up as a result of the petition, any disposition of the property directly held by Shimao after the start date of the winding up, namely the date of the presentation of the petition, will be void unless a validation order is obtained from the court. Any disposition made on or after the commencement date will not be affected if the petition is subsequently struck out, dismissed or permanently stayed.

Given the effect of this ordinance, the company’s board of directors reminded shareholders and potential investors that the transfer of shares in Shimao made on or after April 5 would be void absent a validation order from the court if the company is ultimately wound up as a result of the petition.

In Wednesday’s announcement, the company said it will consider if it is necessary to apply to the court for a validation order at a later stage after taking into account the progress of its offshore restructuring.

The company had outlined its restructuring proposal in an announcement dated March 25, as previously reported on in detail.

As noted before, any requests for information on the proposal can be directed to the company and its financial adviser, Admiralty Harbour Capital Ltd. (shimao@ahfghk.com).

Kroll Issuer Services Ltd. is the information agent (https://deals.is.kroll.com/shimaogroup; shimaogroup@is.kroll.com; +852 2281 0114 or +44 20 7704 0880). Creditors can contact the information agent if they decide to participate in the implementation of the proposal and sign the CSA.

Shimao is a real estate company based in Shanghai.

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