A METAVERSE (01616) announced that BeiTai Investment LP (the Petitioner) filed a winding-up petition (the Petition) against the Company with the High Court of the Hong Kong Special Administrative Region (the Court) on September 16, 2025.

According to the Petition, the Company and the Petitioner entered into a subscription agreement on December 11, 2020, whereby the Company as issuer agreed to issue, and the Petitioner as investor agreed to subscribe for, unsecured bonds maturing in 2021 with a total principal amount of HK$43 million at an annual interest rate of 8%. As of August 8, 2025, the Company has made partial repayment of approximately HK$9.6 million to the Petitioner, leaving an outstanding balance of approximately HK$33.4 million (continuing to accrue interest at an annual rate of 8%).

The Petition is scheduled for hearing on November 26, 2025. The provisional liquidator has been appointed for less than two weeks, and during this initial period of appointment, their main focus has been on preserving and maintaining the Company's assets and records, and investigating the Company's affairs, including its financial position. The provisional liquidator is also exploring alternative options regarding the Petition and will issue further announcements in due course.

In view of the potential impact of a winding-up order on share transfers, the provisional liquidator is also considering whether it is necessary to apply to the Court for a validation order. Shareholders should note that the provisional liquidator does not guarantee that an application for a validation order will be made, or if such application is made, that the Court will grant any validation order. If no validation order is granted but the winding-up order is not dismissed or permanently stayed, all share transfers conducted after the commencement of the Company's winding-up will be void.

In addition, trading in the Company's shares remains suspended.