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Update: Netwealth Says Units Receive Letter Regarding Potential Class Action Lawsuit Concerning First Guardian Investment Options

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(Updates share movement in the last paragraph)

Netwealth Group (ASX:NWL) said its units, Netwealth Investments and Netwealth Superannuation Services, received a letter from solicitors acting for a proposed representative plaintiff together with draft court documents alleging breaches of duties in connection with the offering and monitoring of certain First Guardian investment options available through the Netwealth Superannuation Master Fund, according to a Monday Australian bourse filing.

No proceedings have yet been filed, and Netwealth is reviewing the proposed claim.

Netwealth shares fell 2% in recent trade.

What else is happening in Asia?

Asia

Newlink Technology's Potential Acquisition of HK Ant Global Investment Falls Through

Newlink Technology (HKG:9600) terminated a memorandum of intent for the potential acquisition of HK Ant Global Investment.The parties had entered the memorandum in May, a Friday bourse filing showed.

HKG:9600
Asia

New Concepts Raises HK$4.9 Million from Share Issue

New Concepts Holdings (HKG:2221) completed the issue of 5 million new shares to Du Lei to raise net proceeds of nearly HK$4.9 million.The parties had entered into the share subscription agreement earlier in September, a Friday bourse filing showed.The construction company plans to use proceeds for general working capital.

HKG:2221
Asia

Eternity Investment Unit, Director Dispose Of Stake in China Healthwise

Eternity Investment (HKG:0764) unit Eternity Finance and executive director Lei Hong Wai agreed to sell around 169 million and 18.7 million respective shares in China Healthwise (HKG:0348).The shares, representing an 18.3% and 2% stake in China Healthwise, respectively, were sold to Hwa Sheng International Investment at HK$0.08 apiece, a Friday bourse filing showed.The company will receive a consideration of around HK$13.5 million from the disposal and cease to hold any stake in China Healthwise following completion.Proceeds will be used to repay a margin loan, as well as for general working capital.

HKG:0348HKG:0764