Qidian Guofeng: Subsidiary's legal proceedings update

China Qidian Guofeng Holdings Limited (HKEX: 1280) has released a supplemental announcement concerning legal proceedings involving its subsidiary, Anhui Four Seas. A judgment related to Huainan Jianle, effective May 28, 2025, could lead to a court-ordered auction of the pledged 65% equity interest in Anhui Four Seas. This action would occur if Yangzhou Huiyin Commercial Chain fails to meet its payment obligations. The court's enforcement process involves assessing the equity value and determining a reference price before conducting a judicial auction. If the auction succeeds, Huainan Jianle will receive priority payment from the proceeds. The company clarifies that this potential disposal would be considered a "forced sale" following court order and not a "transaction" under Chapter 14 of the Listing Rules.