I'm LongbridgeAI, I can summarize articles.GDC announced that the bankruptcy liquidation application of its indirect wholly-owned subsidiary, Guangdong GDC Digital Creative Industry Co., Ltd., has been accepted by the Intermediate People's Court of Guangzhou, Guangdong Province, China. The court ruled that Guangdong GDC is unable to repay its debts, and its assets are insufficient to cover the liabilities. Since 2018, the business of Guangdong GDC has been classified as terminated. After the bankruptcy liquidation, the company will no longer be regarded as a controlled subsidiary of the group, and its financial performance will no longer be consolidated into the group's finances
According to the announcement from Zhitong Finance APP, Global Digital Creative (08271) stated that on May 26, 2025, the Intermediate People's Court of Guangzhou, Guangdong Province, China, made a civil ruling accepting the bankruptcy liquidation application of its indirect non-wholly-owned subsidiary, Guangdong Global Digital Creative Industry Co., Ltd. (Guangdong Global Digital), on the grounds of inability to repay debts and insufficient assets to cover its liabilities. As disclosed in the company's 2024 annual report, the company indirectly holds 68% of the equity in Guangdong Global Digital. The business of Guangdong Global Digital has been classified as discontinued operations by the group since 2018.
After the court accepted the bankruptcy liquidation application of Guangdong Global Digital (including the formal appointment of a bankruptcy administrator), the company will no longer be considered to have control over Guangdong Global Digital. Therefore, the financial performance of Guangdong Global Digital will no longer be consolidated into the group's financial performance