CONTEL-NEW and Affiliates Firmly Reject Allegations in Winding-Up Petitions

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Yesterday

CONTEL-NEW (01912) announced that on February 27, 2026, two of its wholly-owned subsidiaries, Feiling Electronics Limited and Yinghao Technology Co., Ltd., received winding-up petitions submitted to the High Court of the Hong Kong Special Administrative Region by Ms. Feng Tao. The petitions were filed under the Hong Kong Companies (Winding Up and Miscellaneous Provisions) Ordinance. They allege that the subsidiaries should be wound up by the Court due to insolvency and an inability to repay their debts. The petitions are scheduled for a hearing before a Master of the High Court on May 6, 2026. The petitions are based on the subsidiaries' alleged failure to repay debts under claimed loan agreements, with total amounts of approximately USD 550,000 and RMB 14 million, plus accrued interest. As of the date of this announcement, the High Court has not issued any winding-up orders against the subsidiaries. The company and the relevant subsidiaries firmly deny the allegations made in the petitions and seriously dispute the existence of the claimed debts. The Group is currently seeking legal advice on behalf of the subsidiaries regarding these petitions, with the intention of taking appropriate measures to oppose and defend against them.

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