King International Investment (HKG:0928) received a court notice from the Hong Kong High Court confirming the withdrawal of a winding-up petition against the company.
This withdrawal was based on the joint application of both parties' solicitors, according to a Wednesday filing with the Hong Kong Exchange.
The petition, filed by Mianyang Zhongshang Fule Wine in January, sought the recovery of 56.4 million yuan in alleged overdue payment under a sales of goods agreement dated April 9, 2024.
The liquor seller said it would conduct an audit and do due diligence on the disputed transaction.
Shares of King International surged almost 14% in afternoon trade on Thursday.
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