Applied Development Holdings (HK:0519) has released an update.
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Applied Development Holdings Limited’s wholly-owned subsidiary, Wuxi Shengye, has received a court judgment requiring Mr. Chen to repay a debt of RMB40 million, with Wuxi Shengye liable for half if he defaults. The subsidiary, disputing the judgment’s factual and legal basis, plans to appeal, arguing that the debt was owed by a former shareholder and that the repayment agreement lacks proper authorization.
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