STRONG PETRO (00852): Legal Proceedings Initiated Against Former Directors in Hong Kong

Stock News
Oct 17

STRONG PETRO (00852) announced that on October 15, 2025, its indirect wholly-owned subsidiary, STRONG PETRO (Hong Kong), has filed a summons in the High Court of the Hong Kong Special Administrative Region against former directors Yao Guoliang and Tan Xiao (collectively referred to as the defendants). The claim asserts that the defendants breached their fiduciary, common law, and/or statutory duties to STRONG PETRO during crude oil trading transactions conducted with external parties at the end of 2024 (the "claimed transactions"). STRONG PETRO is seeking approximately RMB 37 million in compensation for losses and damages incurred from these transactions. Additionally, STRONG PETRO is requesting that the court declare the meetings and resolutions related to the claimed transactions invalid (or alternatively, issue an order to rescind the relevant resolutions), and further, a claim for assessed damages, equitable compensation, and/or restitution, along with interest, costs, and any other relief deemed appropriate by the court. The company will continue to seek legal advice on this matter and will issue further announcements in accordance with listing rules at an appropriate time to keep its shareholders and potential investors informed of significant developments.

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