HK01 founder faces bankruptcy

Online media HK01 founder Yu Pun-hoi is facing bankruptcy after an investment bank filed an order with the High Court.

A hearing has been scheduled on December 19 at 2.30pm.

In a writ filed on Wednesday, locally based CCB International Overseas Ltd requested the High Court to announce a bankruptcy order against Yu.

It was reported that a company owned by Yu, Pippen Ltd, has owed CCB International Overseas more than HK$416 million.

CCB sued Pippen Ltd, Yu and Dadi International in June last year, saying it bought bonds from Pippen in March 2017, with Dadi and Yu as guarantors.

The deal stated that Pippen had to pay HK$384 million to CCB by March 24, 2021. But Pippen failed to pay the sum and only paid HK$37 million between June 2021 and March last year.

CCB filed a writ with the court in June last year and requested the company, Yu and Dadi to pay the remaining HK$378 million plus HK$37.7 million in interest.

In July last year, Yu was sued by China Merchants Bank for more than HK$400 million in unpaid debt.

In a writ filed with the court in July last year, the China Merchants Bank said it loaned US$150 million (HK$1.1 billion) to True Vision - a subsidiary of Nan Hai Corporation Ltd founded by Yu - in February 2018, with Yu and Nan Hai as loan guarantors and Orange Sky Golden Harvest Entertainment Company as collateral.

However, True Vision had failed to repay the entire loan by February last year and the bank requested the remaining HK$419 million and all shares of Orange Sky from Yu and his companies.

Trading of Nan Hai shares has been halted since April 1 last year as its full-year financial results could not be released as scheduled.

Nan Hai announced earlier that the Listing Committee of the Stock Exchange of Hong Kong has decided to revoke the company's listing status as trading in its securities has remained suspended for 18 months.

The delisting will be effective on October 31, while Nan Hai decided not to apply to the Hong Kong Exchanges and Clearing Ltd to review the decision.

The exchange will also delist Sino-I Technology under Nan Hai on the same date.