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PING AN SEC GP receives petition over rights issue
22 Oct 2019
(Infocast News) Ping An Securities Group (00231) announced that on 21 October, the company received a petition presented by Fountain II, a subsidiary of Haitong International, as petitioner, against the company; all directors, and Well Up, the controlling shareholder of the company, collectively as respondents, for an order that the company, the directors and Well Up must not, cause the company to take any steps to carry out, proceed with, implement and/or perform any other acts in respect of the rights issue and/or any other change to the issued share capital of the company.

Fountain II was filed with the High Court on the same day. Fountain II made an urgent ex-parte application on notice to the company and others on the same day for an interim injunction against the company. The application was disallowed by the court. The court directed Fountain II to issue an inter-parte summons with no less than 2 clear days’ notice with half a day reserved to hear Fountain II’s application for an interim injunction. Therefore, if the petitioner decides to pursue an application for an interim injunction, Fountain II shall issue an inter-parte summons as directed by the court.

Trading in the shares of Ping An Securities Group has be resumed at 9:00 a.m. today.

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