China Huishan Dairy, the troubled company whose shares dove 85 per cent in March, is preparing for provisional liquidation after it found net liabilities in China may have totalled Rmb10.5bn ($1.6bn) at that time.
Huishan said in a filing to the Hong Kong stock exchange that it had told its Cayman legal advisors to prepare documentation to place the company into provisional liquidation.
The Hong Kong-listed dairy supplier said its board had learned at a November 15 meeting that the net liabilities of the company’s subsidiaries in mainland China “could have been” Rmb10.5bn as of March 31.
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