HK01 founder Yu Pun-hoi declared bankrupt

Online media HK01 founder Yu Pun-hoi was declared bankrupt on Tuesday for failing to repay his debt of more than HK$416 million to an investment bank.

Locally based CCB International Overseas Ltd had previously filed a bankruptcy petition against Yu at the High Court. It was reported that a company owned by Yu, Pippen Ltd, owes CCB International Overseas more than HK$416 million.

CCB sued Pippen Ltd, Yu and Dadi International in June 2022, saying it had bought bonds from Pippen in March 2017, with Dadi and Yu as guarantors. But Pippen failed to repay the debt in full according to schedule.

Read more: HK01 founder faces bankruptcy

Yu’s legal representative today requested to adjourn the hearing, allowing time for submitting a 500-page audit report prepared by ShineWing CPA Limited. However, the request was turned down by High Court judge Sara Tong See-pui, who said it was a “last ditch effort” to delay the hearing.

Tong then proceeded to order Yu into bankruptcy after hearing submissions from both sides.