ATV HOLDINGS: There is currently no sufficient reason to seek approval for the share transfer matter, resulting in continued suspension of trading

Asia Television Holdings (00707.HK) announced regarding the winding-up petition filed by Chen Lili in mid-last month. According to the loan agreement signed on November 29, 2018, the due date for the outstanding amount is May 28, 2019. Apart from being a creditor of the company, the board of directors is not aware of any relationship between the petitioner and the company or its related parties.

The company has been informed that while the submission of the petition does not automatically invalidate any disposal of the company's assets or transfer of shares, if a winding-up order is subsequently made, any disposal of assets or transfer of shares conducted after the commencement of the winding-up proceedings will be invalid. The application for a recognition order will involve substantial legal costs and will depend on the court's consideration of various factors. Given the costs and time involved, as well as the uncertainty of obtaining such an order, the company believes there is currently insufficient reason to seek a recognition order regarding the transfer of the company's shares.

The company believes that shareholders should make their own arrangements regarding the petition, as this is in the overall interest of the company and its shareholders. However, the company will continue to monitor the situation and will reconsider applying for a recognition order if circumstances change.

The company is actively communicating with the petitioner regarding a possible settlement of the petition. However, no specific timeline has been set for reaching a settlement, as the relevant outcomes depend on further negotiations and consensus between both parties.

Trading of the company's shares has been suspended on the Hong Kong Stock Exchange since 9:00 AM on August 11 this year and will continue to be suspended until further notice