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South China Unit Ordered to Wind Up by Hong Kong Court; Shares Slip 5%

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South China (HKG:0413) said its subsidiary WST was ordered to be wound up by Hong Kong's High Court, according to a Wednesday filing with the Hong Kong bourse.

The winding-up follows petitions filed by two creditors, one of which was withdrawn and the other adjourned, before the court issued the order.

South China Holdings said the winding-up is not expected to have a substantial impact on the group's overall business or financial position.

Shares of the firm were down nearly 5% in Thursday morning trade.

What else is happening in Asia?

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