Kangqiao Service Group Limited (HK:2205) has released an update.
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Kangqiao Service Group Limited’s subsidiary is embroiled in a legal dispute with a bank over a debt guarantee, with a court ruling the promissory letter invalid yet holding the subsidiary accountable for 40% of remaining debt after collateral liquidation. The company’s potential liabilities are estimated between RMB140 million to RMB180 million, but operations are expected to remain unaffected due to a commitment from its controlling shareholder to cover any losses. Investors and shareholders will be updated on significant developments in the case.
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