The bankruptcy liquidation application of Guangdong Global Digital, a subsidiary of GDC, has been accepted by the court
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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
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