The Supreme Court prohibits HENGDELI's former chairman Zhang Yuping's wife from transferring shares

HENGDELI (03389.HK) former chairman Zhang Yuping faced a dispute over the guarantee of a Beijing real estate project developer's share transaction, resulting in a temporary global injunction issued by the court early last year, prohibiting the transfer of approximately RMB 280 million in assets. However, last year, Zhang Yuping transferred 740 million shares of HENGDELI to his wife Feng Jiaqiao for free, accounting for about 17% of HENGDELI shares, in accordance with a family court order. The buyer of the transaction, "Beijing Chengyi Haotai Investment Management Co., Ltd.", subsequently applied to the High Court for a temporary injunction, which was recently approved by Judge Zheng Huixin, temporarily prohibiting Feng Jiaqiao from transferring the aforementioned shares.

Court records show that on January 2 of last year, the court granted a temporary global injunction based on the plaintiff "Beijing Chengyi Haotai Investment Management Co., Ltd.", prohibiting Zhang Yuping from transferring assets valued at approximately RMB 280 million, and the injunction was lifted by the court on May 29 of the same year. The plaintiff later applied to the court for permission to appeal, seeking to suspend the lifting of the injunction, which was approved by the court.

However, public information from HENGDELI indicates that before the court suspended the lifting of the injunction and during the scheduled hearing, Feng Jiaqiao obtained a 17% equity stake in HENGDELI from Zhang Yuping at a cost of 0 yuan, in accordance with the family court's order