China Tianrui Cement (01252. HK) announced that the company was informed by Yu Kuo, the controlling shareholder of the company, that according to the civil ruling issued by the People's Court of Shenzhen Qianhai Cooperation Zone, Guangdong Province, the share capital of Tianrui Group (70% and 30% held by Mr. Li and Ms. Li, respectively). The corresponding share capital of RMB1.4 billion and RMB0.6 billion, respectively) were released with immediate effect.
On July 21, Tianrui Cement announced that 70% of Tianrui Group's equity (equivalent to RMB 1.4 billion) held by Li Liufa and 30% of Tianrui Group's equity (equivalent to RMB 600 million) held by Li Fengyi were frozen. The freeze period is three years, from 10 July 2025 to 9 July 2028, during which the shares of Tianrui Group shall not be transferred or pledged, and Tianrui Group shall not distribute any dividends or bonuses to Li Liufa and Li Fengxuan. According to the Civil Procedure Law of the People's Republic of China and the relevant laws and regulations, the court shall release the Freeze if: (1) sufficient guarantee acceptable to the court has been provided; and/or (2) the debt has been fully settled.
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