Maoye International Holdings (HKG:0848) will voluntarily liquidate its unit ZiBo Maoye Commercial Building after failure to extend its business license, which expired June 25, according to a Tuesday filing on the Hong Kong bourse.
The license couldn't be extended due to a shareholder dispute. Under the law, the subsidiary will now be dissolved.
Maoye International owns an 80% stake in the unit through Zhongzhao Investment Management and expects minimal financial impact from the liquidation on its financial performance.
The company's shares were down 4% at the end of Wednesday's trading.
Price (HKD): $0.17, Change: $-0.0080, Percent Change: -4.44%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.