SUNAC(01918): Actively communicating with the petitioner.

SUNAC (01918) announced that, as previously disclosed, on January 10, 2025, the company received a winding-up petition filed by CHINA CINDA (Hong Kong) Asset Management Limited (the petitioner) to the High Court of the Hong Kong Special Administrative Region. The petition relates to Shining Delight Investment Limited (an indirect wholly-owned subsidiary of the Company) as the borrower and the Company as the guarantor failing to repay the loan to the petitioner as the lender, involving a principal amount of USD 30 million and accrued interest. The High Court has scheduled the first hearing of the petition for March 19, 2025 at 9:30 am. The Company is actively engaging in discussions with the petitioner to seek an effective resolution on fair terms with other creditors, including efforts to expedite the withdrawal or dismissal of the petition. The Board believes that the petition does not represent the interests of other stakeholders and may harm the value of the Company and other stakeholders. Therefore, the Company will seek legal measures to vehemently oppose the petition and take all necessary actions to protect the Company's legitimate rights. Furthermore, considering the impact of this petition on the Company and the current market conditions falling far short of expectations when the overseas debt restructuring plan was formulated, the Company does not rule out seeking a more comprehensive overseas debt solution taking into account the current reality. The Company is committed to treating all creditors fairly, respecting their existing legal status and the legal order of their claims. The Company hopes that creditors will remain patient and continue to support the Company, giving it adequate time to assess the current situation and work with its advisors to develop the most practical and optimal debt resolution for all stakeholders.