Involved in the guarantee of the Beijing project, the buyer filed a lawsuit to prevent capital outflow. The High Court ordered to prohibit Zhang Yuping's wife from transferring HENGDELI's equity

HENGDELI Holdings (3389) former chairman Zhang Yuping guaranteed the share transaction of a Beijing real estate project developer, and was issued a temporary global injunction by the court early last year, prohibiting the transfer of approximately RMB 280 million in assets. However, Zhang Yuping transferred 740 million shares of HENGDELI to his wife Feng Jiaqiao for free last year, accounting for about 17% of HENGDELI shares, as ordered by the family court. Judge Zheng Huixin recently approved the application from the buyer Beijing Chengyi Haotai Investment Management Co., Ltd. at the High Court, issuing a temporary injunction to temporarily prohibit Feng Jiaqiao from transferring the 740 million shares of HENGDELI in her possession. The plaintiff is Beijing Chengyi Haotai Investment Management The plaintiff is Beijing Chengyi Haotai Investment Management Co., Ltd., and the defendants are former chairman of HENGDELI Holdings Zhang Yuping and his wife Feng Jiaqiao. As the buyer, Beijing Wangfu Century Development Co., Ltd. and its indirect major shareholder Wang Zhicai acted as the seller, signing a transfer framework agreement on December 3, 2012, agreeing to purchase 3.2% of Beijing Yaohui Real Estate Co., Ltd. for RMB 190 million, along with a shareholder loan of RMB 31.55 million. Beijing Yaohui is a limited company in China that owns and is developing a real estate project in Beijing. Zhang Yuping signed a guarantee letter on the same day, guaranteeing the seller's obligations. Disputes arose during the execution of the transaction, which is currently being arbitrated by the China International Economic and Trade Arbitration Commission. The Zhang family has a risk of asset transfer It is reported that due to Zhang Yuping and his wife Feng Jiaqiao's son Zhang Yonglin acquiring 22% of HENGDELI shares through his company Empire Charm Limited on January 23 this year, along with Feng Jiaqiao, sister Zhang Shuyuan, and grandmother Xiao Meirong, the Zhang family holds over 70% of HENGDELI shares, maintaining absolute control over HENGDELI, which poses a significant risk of asset transfer. The court thus approved the temporary injunction to prohibit Feng Jiaqiao from transferring the shares involved in the case. Court records show that on January 2 last year, the court granted a temporary global injunction based on the plaintiff's unilateral application, prohibiting Zhang Yuping from transferring assets valued at approximately RMB 280 million, which was later lifted by the court on May 29 of the same year. The plaintiff applied to the court for permission to appeal on the 9th of the following month, requesting a stay of the lifting of the injunction, which was approved by the court on July 11, allowing the injunction to remain temporarily effective. Public information from HENGDELI indicates that before the court stayed the lifting of the injunction, during the scheduled hearing period, Feng Jiaqiao obtained 17% equity in HENGDELI from Zhang Yuping at a cost of RMB 0 from June 23 to 24, as ordered by the family court. Case number: HCCT 1/2025 Reporter of this newspaper