YANCHANG PETRO: Subsidiary YANCHANG PETRO (Zhejiang Free Trade Zone) has been ruled bankrupt by the court

YANCHANG PETRO (00346.HK) announced that its indirectly owned Chinese subsidiary, YANCHANG PETRO (Zhejiang Free Trade Zone) Co., Ltd., was ruled by the court on June 27 to officially declare bankruptcy, and Guangdong Dongfang Kunlun Law Firm was appointed as the administrator for the subsidiary. The administrator filed an application with the court on June 27 to terminate the company's bankruptcy liquidation process. According to the court ruling, the court terminated the bankruptcy process of the subsidiary, effective from June 30.

The announcement mentioned that since the subsidiary disclosed in its 2023 annual report that it had ceased to be consolidated into the group's financial statements at the end of 2023, the bankruptcy of the subsidiary will not have any significant impact on the current operations, performance, and financial condition of YANCHANG PETRO