STRONG PETRO(00852): Issuing a summons

STRONG PETRO (00852) announced that after appointing a new management team on January 25, 2025, and conducting a comprehensive review of the group's financial records, the company and its indirect wholly-owned subsidiary STRONG PETRO Limited discovered a series of unauthorized payments from a bank account in Hong Kong Strait from December 2024 to January 2025. The total amount of payments was HK$8,800,900, which were made by the company and former director Mr. Yao Guoliang of Hong Kong Strait to several external entities with checks. The company has not been able to find any documents approving the payments or providing a basis for the payments, nor has it been able to find any records of relevant service contracts, invoices, or receipts from the service providers to prove the legitimacy of the payments. On February 25, 2026, the company and Hong Kong Strait (referred to as the "plaintiffs") filed a summons with the High Court of the Hong Kong Special Administrative Region against the company, former directors Mr. Yao and Mr. Tan Xiao (referred to as the "director defendants"), and the receiving entities ("entity defendants," collectively with the director defendants referred to as "defendants"). The plaintiffs are seeking recovery of the amounts and benefits from the director defendants and entity defendants based on the director defendants' breach of their duty of trust to the plaintiffs and the entity defendants' unjust enrichment from receiving the payments, as well as their role as knowing recipients, dishonest assistants, and/or presumed beneficiaries of the amounts received. The plaintiffs are also seeking claims from the defendants for damages to be assessed, equitable relief, repayment of amounts, interests, costs, and any further and/or other remedies deemed appropriate by the court.