Huscoke Holdings Limited (Huscoke HLDGS, 00704) released a quarterly progress update on the action plan designed to remove the auditor’s 2024 disclaimer of opinion. Key developments are as follows:
Winding-Up Petition Resolved • On 12 Jan 2026 the company executed a suite of agreements with China Cinda (Hong Kong) Asset Management that (1) extend the existing Cinda Facility by two years, (2) replace a compounded 12% annual coupon with a simple 5%–8% rate, and (3) pledge shares in certain subsidiaries plus receivables as collateral. • The High Court of Hong Kong dismissed Cinda’s winding-up petition the same day. The settlement lowers financing costs and is expected to ease net-current-liability pressure.
Coking Furnace Project and Cooperation with Energy Technology • The 2023 framework agreement with Shanxi Jinyan Energy Technology and Shanxi Jinyan Rich Hydrogen New Materials has been terminated after trading suspension curtailed Huscoke’s fundraising capacity. • Energy Technology has initiated separate financing discussions with a state-owned enterprise and a provincial joint-stock commercial bank. Huscoke is monitoring progress and has begun legal proceedings against Energy Technology for failing to deliver required auxiliary facilities.
Contractual Processing Production Business • Since optimisation in September 2025, the processing business generated approximately HK$60.00 million in revenue and over HK$1.00 million in profit in the current financial year. The operation has now been terminated due to market conditions.
Receivables Recovery • Outstanding amounts due from Energy Technology total about HK$185.00 million, comprising US$8.16 million of trade refunds and compensation plus HK$120.00 million in capital-occupation fees and interest. • A new enforcement application filed on 9 Jan 2026 seeks recovery of an additional HK$1.85 million plus accruing interest. No case-filing notice has yet been received from the court.
Additional Financing and Statutory Demand • Equity and other financing initiatives remain on hold while Huscoke’s shares are suspended. Future funding will be addressed within the resumption plan. • The company has reached a settlement with Anpa Financial Services Group regarding a statutory demand issued on 27 Apr 2026.
Trading Status • Huscoke’s shares have been suspended since 30 Mar 2026 and will remain so until further notice.
Shareholders and investors are advised to exercise caution when dealing in the company’s securities.