China Energine faces debt repayment request, default risk

China Energine International (Holdings) Limited (HKEX: 1185) announced that it has received a letter from its controlling shareholder demanding immediate repayment of debts, which expired on November 20, 2024. The letter grants the controlling shareholder the right to seize pledged assets. This comes as the company's application for an extension of the debt grace period has been denied, putting the company at risk of default. The company is actively negotiating with the controlling shareholder to find possible solutions to resolve the matter. Trading of the company's shares remains suspended since April 2, 2024. Shareholders and potential investors are urged to exercise caution when dealing in the company's securities. The Board will issue further announcements regarding material developments.