Link Holdings (8237) reported that Silverine, a subsidiary under the group, was placed into liquidation on 22 October 2025 following a court order in the British Virgin Islands (BVI). Under the order, joint and several liquidators have been appointed, resulting in the deconsolidation of the Singapore operations from Link Holdings’ consolidated financial statements. According to the announcement, the group will maintain a more focused portfolio, centering on Hanatsubaki Spa Hotel in Japan and the Bintan Resort Project in Indonesia, while existing operations at Link Hotel in Singapore and other related entities will continue as usual.

The announcement also provided a quarterly update on the action plan designed to resolve the disclaimer of opinion in Link Holdings’ audit reports. According to the disclosure, the group’s business operations remain stable, and recent initiatives include a completed share placement in June 2025 that raised approximately HK$3.824 million in net proceeds. The company indicated that it continues to seek additional financing options, engage in negotiations with lenders, and refine its strategies for potential asset disposals and cost controls. Further updates on this process will be released as they become available.