The High Court of Hong Kong has dismissed an ex parte summons and ordered the plaintiff to cover the associated legal costs for the defendants.

PASHUN INT'L (HKEX: 00574) announced that on May 26, 2026, the company and its directors—Mr. Ma Qinghai, Mr. Chen Zhongzheng, Mr. Zhou Jinkai, Dr. Lou Zhenye, and Mr. Wang Dongyuan—received a summons filed by the plaintiff with the court. The plaintiffs are the joint and several receivers and managers of pledged shares, Mr. Li Yinglin and Mr. Ma Demin.

The summons sought an interim court order to prohibit the defendants, prior to a final determination of the originating summons filed on May 26 or until further court order, from removing the proceeds from a rights issue—as defined in the rights issue prospectus—from Hong Kong. It also sought to prevent the defendants from disposing of, dealing with, or utilizing these funds in any manner, whether acting individually, jointly, or through their directors, employees, agents, or by any other means.

The summons was heard in court at 10:00 AM on May 29, 2026. The High Court rejected the application and ruled that the plaintiff must pay the defendants' costs related to this summons.

The defendants are currently seeking legal advice regarding the originating summons.