OURGAME(06899): From the second half of 2020 till now, the total amount of recovered funds exceeds 60 million Hong Kong dollars.

OURGAME (06899) announced that since the second half of 2020, the current management team has discovered a large amount of outstanding debts left by the previous management team that have not been recovered. As a result, the company has started to actively pursue the disposal and recovery of these debts. Due to the long-standing nature and complexity of these debts, as well as limited manpower and expertise within the company, the company has enlisted the help of asset disposal and professional debt collection agencies to assist in the process. As of the date of this announcement, the company has recovered a total amount of over HK$60 million since the second half of 2020, with the joint efforts of the company and the relevant professional institutions. Regarding the progress updates on two ongoing litigation/arbitration proceedings: 1. In regards to the collection of all principal, interest, and related expenses of convertible bonds issued by Spoville Co., Ltd. (Spoville) and its major shareholder, Seung-Hwan Oh, after obtaining a judgment from the South Korean court for execution, the company has applied for further asset inquiries. The company will apply for compulsory execution based on the results of the asset inquiries. Additionally, the company is exploring the feasibility of acquiring all shares of Spoville held by Seung-Hwan Oh in accordance with relevant laws and regulations, to further investigate and recover the debts after gaining control of Spoville. The company is also still investigating possible improper conduct by the former management team regarding the subscription arrangements for these convertible bonds. 2. In the arbitration case involving the breach of the Merit Horizon loan agreement and Glassy Mind Holdings Limited (a wholly-owned subsidiary of Sports Window Culture Limited), the arbitration has entered the substantive hearing stage. The company continues to conduct ongoing investigations into the relevant facts involved in the arbitration and has obtained new information and evidence. The arbitration is scheduled to be heard in the first half of 2025. The company will continue to work with lawyers and other professional institutions and individuals in mainland China and Hong Kong, utilizing legal means (including but not limited to litigation, arbitration, reporting to authorities, etc.) to recover and pursue historical assets and accounts receivable, as well as investigate potential fraudulent activities during the process, holding individuals and behaviors that harm the company's interests accountable for civil and/or criminal responsibilities (if applicable).