Sunshine Oil Sands (02012) has announced that, pursuant to an order issued by the High Court of the Hong Kong Special Administrative Region on April 29, 2025, Mr. Su Wenjun and Mr. Zhuang Rijie of PricewaterhouseCoopers have been appointed as provisional receivers. The appointment authorizes them, among other powers, to exercise the rights of Mr. Sun Guoping as the registered holder of shares or other securities in his name. These rights include attending meetings and voting. They are also authorized to direct Mr. Sun's nominees to exercise all or any rights pertaining to shares beneficially owned by Mr. Sun but registered in his name, in accordance with the provisional receivers' instructions.

According to the company's records as of the date of this announcement, Mr. Sun holds 171 million shares in the company, representing approximately 24.03% of the total issued share capital. To the best of the directors' knowledge, information, and belief, and after making all reasonable inquiries of Mr. Sun, the court order and related legal proceedings involve only Mr. Sun and certain companies in which he holds interests, none of which are member companies of the group.

Based on legal advice obtained by the company, under Canadian law, a foreign receivership order—such as the Hong Kong court order appointing provisional receivers in this case—is not automatically enforceable in Alberta, Canada, where the company is incorporated. The provisional receivers must first seek recognition from the Court of King's Bench of Alberta in accordance with the relevant terms of the order. As of the date of this announcement, the company is not aware of any actions taken by the provisional receivers to seek recognition of the order from the Alberta courts.

Furthermore, Mr. Sun has informed the company that, as of the date of this announcement, he is seeking legal advice and taking action to protect his personal interests concerning the legal proceedings related to the order.

Given the scope of the order, and provided the provisional receivers comply with the necessary procedures and requirements stipulated by applicable law when exercising the aforementioned powers, they may attend the company's subsequent general meetings and vote on all or part of the company's shares held by Mr. Sun. Under these circumstances, if a dispute arises regarding Mr. Sun's shares by the date of a relevant general meeting, the company will seek legal advice as necessary to determine whether the voting rights attached to Mr. Sun's shares should be counted.

The board of directors believes that, as no member of the group is a party to the order or the related litigation proceedings, the order currently has no material impact on the group's business operations and financial condition.