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Kangqiao Service Group Limited ( (HK:2205) ) has issued an update.
Kangqiao Service Group has disclosed an update on litigation involving its wholly owned subsidiary Kangqiao Yueshenghuo Service Group, which is facing enforcement of a civil judgment linked to irregularities in its bank accounts and a disputed promissory letter. The case stems from loan agreements of Henan Chengqiao, for which the subsidiary was held liable for RMB473.7 million and for which the company has applied for a retrial before China’s Supreme People’s Court.
According to a new enforcement ruling from the Intermediate People’s Court of Zhengzhou, authorities have deducted about RMB214.5 million in bank balances and interest from the subsidiary, collected roughly RMB17,600 in enforcement proceeds, and seized four vehicles registered under its name. After exhausting available investigative measures, the court found no further assets to enforce and terminated the current enforcement procedure, though the bank retains the right to demand continued debt performance.
The company emphasized that the enforcement currently targets only certain bank balances, related interest, minor enforcement proceeds, and vehicles that are not under the subsidiary’s actual control, and it does not expect a material adverse impact on the group’s overall operations at this stage. Kangqiao Service is seeking legal advice on the ruling, will continue to monitor the retrial process, and has cautioned shareholders and potential investors to remain prudent when dealing in its shares.
More about Kangqiao Service Group Limited
Kangqiao Service Group Limited is a Cayman Islands-incorporated company listed in Hong Kong that operates through subsidiaries in mainland China. The group provides property and related lifestyle services, with a focus on residential communities, and manages its business primarily via wholly owned units such as Kangqiao Yueshenghuo Service Group Co., Ltd. in Henan Province.
Average Trading Volume: 17,750
Technical Sentiment Signal: Hold
Current Market Cap: HK$735M
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