(Central News Agency) According to reports, Yu Pinhai, chairman of Hong Kong Nanhai Holdings Co., Ltd., the parent company of the online media “Hong Kong 01”, was filed for bankruptcy by the Hong Kong High Court by a subsidiary of China Construction Bank; it was pointed out that Yu Pinhai had previously been clawed back 416 million Yuan (Hong Kong dollar, the same below).
“Ming Pao” reportthe bankruptcy petitioner is CCB International Overseas Co., Ltd., and the person being petitioned for bankruptcy is Yu Pinhai. The bankruptcy petition hearing is scheduled to be processed on December 19, but the court documents do not show whether the bankruptcy petition is related to debts.
According to the report, CCB International pointed out that Yu Pinhai served as the guarantor for the overseas company Pippen Limited, and Pippen was required to repay 384 million yuan to CCB International in March 2021. However, the other party breached the contract and only repaid 37 million yuan.
Therefore, CCB International sought 416 million yuan from him with principal and interest.
Reports stated that the case had been heard in June. At that time, CCB International applied to release the seizure of CIM Company Limited, a company under Pinhai that had been deregistered and was not in operation. The court approved the case and ordered Pinhai to pay legal fees.
According to reports, Yu Pinhai and Nanhai Holdings were also sued by the Chinese Merchants Bank to the High Court earlier. Nanhai’s subsidiary Meijianjuan Co., Ltd. owed a debt of US$53.4 million. Yu Pinhai was the guarantor of the loan and asked the court to declare that it was the guarantor of the loan. The entire equity of Chengtian Jiahe Cinema Co., Ltd. as collateral is held by China Merchants Bank.
Nanhai Holdings is a company listed on the Hong Kong Stock Exchange, but due to debt problems, its listing status has been canceled, effective from the 31st of this month.
Yu Pinhai originally held 59.25% of Nanhai Holdings, of which 45.82% has been taken over by Deloitte. He only retains 13.43% of Nanhai Holdings, with a market value of 323 million yuan.
Yu Pinhai was born in Hong Kong. He returned to Hong Kong from Canada in his early years and worked as an editor and columnist in the Hong Kong Economic Times, Financial Daily and other media. Later, he and a third party took over Ming Pao, and was later elected to the Hong Kong newspaper industry. Chairman of the Guild, founded “Modern Daily” and acquired “Asia Weekly”, but these media eventually changed hands or closed down.
Yu Pinhai also founded Communication TV in the past, invested in movies, cinemas, and acquired Duowei News Network.
In 2015, Yu Pinhai prepared the online media “Hong Kong 01” and put it into operation in January of the following year. “Hong Kong 01” became a subsidiary of Nanhai Holdings and is still in operation today.
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2023-10-21 06:38:34
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