A METAVERSE: The liquidation petition hearing is scheduled for November 26, and trading will continue to be suspended
A METAVERSE announcement: Due to BeiTai Investment LP filing a winding-up petition with the Hong Kong High Court on September 16, 2025, the hearing is scheduled for November 26, 2025. The company signed a subscription agreement with the petitioner in 2020, with outstanding debts of approximately HKD 33.4 million and an annual interest rate of 8%. An interim liquidator has been appointed to investigate the company's financial situation and consider applying for a recognition order. The company's shares remain suspended
According to the Zhitong Finance APP, A METAVERSE (01616) announced that BeiTai Investment LP (the petitioner) filed a winding-up petition against the company with the High Court of the Hong Kong Special Administrative Region (the Court) on September 16, 2025. According to the petition, the company entered into a subscription agreement with the petitioner on December 11, 2020, under which the company, as the issuer, agreed to issue, and the petitioner, as the investor, agreed to subscribe for unsecured bonds maturing in 2021, with a total principal amount of HKD 43 million and an annual interest rate of 8%. As of August 8, 2025, the company has partially repaid approximately HKD 9.6 million to the petitioner, with an outstanding balance of approximately HKD 33.4 million (continuing to accrue interest at an annual rate of 8%). The hearing for the petition is scheduled for November 26, 2025.
The provisional liquidator was appointed less than two weeks ago, and during this initial appointment period, their main focus is to preserve and maintain the company's assets and records, as well as to investigate the company's affairs, including its financial condition. The provisional liquidator is also exploring alternative options regarding the petition and will issue further announcements in due course.
In light of the potential impact of a winding-up order on the transfer of shares, the provisional liquidator is also considering whether it is necessary to apply to the Court for a recognition order. Shareholders are advised that the provisional liquidator does not guarantee that an application for a recognition order will be made, or that if an application is made, the Court will grant any recognition order. If a recognition order is not granted, but the winding-up order is not dismissed or permanently stayed, then all share transfers conducted after the commencement of the company's winding-up will be invalid.
In addition, the company's shares remain suspended from trading
