Huscoke Holdings Limited released its quarterly update on measures to lift the auditor’s 2024 disclaimer of opinion, highlighting tangible progress on four key fronts—debt settlement, asset activation, receivable recovery and financing alternatives—while trading in its shares remains suspended.
Debt Settlement and Petition Dismissal • On 12 January 2026, the company signed a suite of agreements with China Cinda (Hong Kong) Asset Management, securing a two-year extension of the Cinda Facility. • The interest rate was cut from a compounded 12% per annum to a simple 5%–8% per annum. • Share pledges over certain subsidiaries and receivables serve as collateral under the supplemental pact that took effect on 30 March 2026. • The High Court of Hong Kong dismissed the winding-up petition the same day, easing immediate liquidity pressure and supporting efforts to rectify the Group’s net current liabilities.
Coking Furnaces and Production Capacity • Energy Technology has reached preliminary financing terms with three state-owned entities to fund completion of ancillary utilities for two coking furnaces. • Fund structure and governance arrangements are in place; regulatory approvals are pending. Post-financing, construction and commissioning are expected to finish within nine to twelve months. • The coking production capacity quotas tied to the furnaces remain under judicial seizure by the Jinan Intermediate People’s Court, with Energy Technology pursuing remedies. Huscoke is consulting PRC counsel and considering further legal actions over delayed delivery of requisite facilities.
Receivables Collection Efforts • Outstanding amounts due from Energy Technology stand at approximately HK$200.00 million, comprising US$7.74 million (about HK$60.52 million) in trade refunds and compensation, plus HK$135.00 million in capital occupation fees and interest. • Enforcement proceedings initiated under a September 2024 court ruling continue; a fresh application for compulsory enforcement has been filed, and the company awaits case acceptance.
Financing Options and Trading Status • Alternative funding avenues, including equity financing, remain constrained by the ongoing suspension of trading, in effect since 30 March 2026. Any future capital-raising will align with the forthcoming resumption plan. • The company intends to update shareholders and investors on material developments in accordance with Hong Kong Listing Rules.
Outlook The dismissal of the winding-up petition and the renegotiated loan terms mark significant strides toward resolving the auditor’s disclaimer. Successful execution of the planned asset commissioning, receivable recovery and new financing initiatives will be pivotal to restoring normal operations and lifting the current trading suspension.