Voluntary winding-up of a subsidiary of Swish Link (08506.HK)

2022-05-09 0 By

Futex Machinery Limited, the sole shareholder of Futex Machinery Limited, has decided on 16 February 2022 to establish a joint venture between the company and its wholly-owned subsidiaries.Futex Machinery Limited was unable to continue as a going concern because of its liabilities and was subject to voluntary liquidation by creditors.Kozen Limited has also decided to appoint Mr James Wada and Mr Yip Chang-shing (both address: Room 1704, 17 / F, 625 King’s Road, North Point, Hong Kong) as joint and individual liquidators of Futex Machinery Limited to carry out the voluntary windup.Futex Machinery Limited was insolvent.It recorded a net loss of approximately RMB2,000 (unaudited) for the year ended December 31, 2021 and net liabilities of approximately RMB632,400 (unaudited) for the year ended December 31, 2021.The board of directors of the Company believes that it is in the overall best interests of the Company and its shareholders to wind up Futex Machinery Limited as the Group may be able to reduce its losses in relation to Futex Machinery Limited.The Group will redistribute its existing business to other subsidiaries.Continue suspension.