SINOHOPE TECH(01611): The British legal counsel believes that the evidence for the UK litigation against the company is insufficient, and the company has a strong chance of successfully overturning the UK order.

SINOHOPE TECH (01611) announcement, on September 13, 2024, the company received an order from the High Court of England and Wales (UK order), regarding a claimant (claimant) against multiple specified and unspecified defendants (UK litigation), demanding that the company (as the fourth defendant) deliver a maximum of 43.0717024 Bitcoin (equivalent to $2.59 million USD and approximately $20.20 million HKD) or the equivalent of 1.9361 million GBP (equivalent to approximately $19.915.2 million HKD) and 1167.093718 Ether (equivalent to $2.7055 million USD and approximately $21.1025 million HKD) or the equivalent of 2.5261 million GBP (equivalent to approximately $25.9837 million HKD) to the specified wallet address. The UK litigation was originally filed by the claimant against Huobi Global Limited (a company registered in Seychelles) (Seychelles Huobi, as the fourth defendant), which was later revised to replace Huobi Global Limited with the company as the fourth defendant. As of the date of this announcement, the company has not yet received details of the UK litigation claim, and therefore does not know the details of the claim. The company has appointed UK legal advisers (UK legal advisers) to assess the situation and consider possible options. After considering the information and documents provided by the company, the UK legal advisers believe that there is insufficient evidence for the UK litigation claim against the company, and the company has a good chance of successfully overturning the UK order. The company's directors wish to clarify that Seychelles Huobi has never been a member of the group. The company is an investment holding company, along with its subsidiaries primarily engaged in providing technology solutions services, asset management, trust and custody services, and services related to the virtual asset ecosystem such as cryptocurrency trading. The group has never engaged in the operation of digital asset trading and related services on the Huobi trading platform (Huobi platform) provided through the website www.huobi.com (or renamed platform and website www.HTX.com). The group has never been the owner, controller, and/or operator of the Huobi platform. The directors believe that the claimant has targeted the wrong party. The directors' views are consistent with the outcome of a lawsuit filed by a plaintiff in the High Court of Hong Kong (Hong Kong Court) against the company (as one of the defendants) regarding the operation of the Huobi platform (Hong Kong litigation). Upon receiving the legal documents for the Hong Kong litigation, the company has clarified to the plaintiff and the Hong Kong Court that it has never been involved in the operation of the Huobi platform and has no connection to the platform. With the agreement of the plaintiff and the company, the Hong Kong Court has issued an order terminating the Hong Kong litigation against the company. Based on the information currently available, the UK litigation has no significant impact on the group's overall business, operations, or financial condition.