ST Panda: Bank accounts unfrozen after settlement

Panda Financial Holding Corp (SSE:600599) announced that its bank accounts and those of its subsidiary, Jiangxi Panda Fireworks Co., will be unfrozen following a settlement agreement with Yanbian Rural Commercial Bank. The Yanji City People's Court in Jilin Province approved the bank's request to lift the asset freeze. The initial freezing of accounts occurred on December 19, 2024, involving RMB 23.95 million across one Panda Financial account and six Jiangxi Panda accounts. Further restrictions were applied on January 22, 2025, freezing a total of RMB 24.06 million. While the court has approved the unfreezing of the funds, the company is still working to execute on the action. Panda Financial says it will continue working with authorities to unlock the funds and will release further details to the market as it becomes available.