Huaxia Culture & Technology (01566): Creditor plan takes effect

Zhitong Finance App News, Huaxia Culture Technology (01566) and Kyosei-Bank Co., Ltd. jointly announced that the subscription agreement was completed on August 14, 2026, and on the date of this joint announcement, all conditions relating to the exemption from cleaning have been fulfilled.

After completion and as of the date of this joint announcement, investors had an interest in 530.8 million new shares, which is equivalent to approximately 74.97% of the expanded issued share capital of the Company (and 74.97% of total voting rights) through subscribed shares and planned share expansion.

The creditor plan, which was approved by the High Court on March 19, 2024, came into effect on August 14, 2026 with the completion of the subscription agreement. After passing the relevant resolution at the special shareholders' meeting held on May 27, 2026, all conditions attached to the agreement granted by the executive regarding the special transaction and Mr. Lam's special transaction have been fulfilled.

After the creditor plan came into effect, the Company has allotted and issued 59 million plan shares to the planning company in accordance with the creditor plan held for the creditor's benefit, pending distribution to creditors with approved claims.