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HKG:1013

4 stories mentioning HKG:1013

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Asia

Hong Kong Court Orders Stay in Case Against Wai Chun, Wai Chun Bio-Technology

Wai Chun (HKG:1013) said the Hong Kong High Court ordered a stay on the proceedings of a lawsuit requiring the firm and unit Wai Chun Bio-Techn ology (HKG:0660) to pay HK$2.7 million plus interest and costs each to Island Sky.An appeal to present new findings was also dismissed, while future hearings have been cancelled, according to a Wednesday Hong Kong bourse filing.The ruling came after the parties reached an agreement in May, with Wai Chun and Wai Chun Bio-Technology agreeing to pay HK$4.2 million to settle the lawsuit.

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Asia

Wai Chun, Unit Settle Island Sky Property Dispute

Wai Chun (HKG:1013) and its subsidiary Wai Chun Bio-Technology (HKG:0660) agreed to pay HK$4.2 million to settle a lawsuit filed by Island Sky, the firms said in Hong Kong filings Thursday.Wai Chun shares fell over 14% in late morning trade Friday, while Wai Chun Bio-Technology declined 3%.The firms were previously ordered by the Hong Kong High Court to pay about HK$2.7 million plus interest each to settle claims brought by Island Sky.The penalty represented 50% of mesne profits, rent, and related charges for premises at Admiralty Centre covering the period from Sept. 16, 2022, to April 27, 2023.The firms said they filed a court summons asking the court to dismiss a planned appeal against the judgment and cancel upcoming hearings scheduled for June 11 and Aug. 15.

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Asia

Hong Kong Stocks Rebound on Shifting US-Iran Diplomatic Hopes; Wai Chun Surges 341%

Hong Kong stocks rebounded Tuesday as investors bet on easing Middle East tensions amid signs of continued engagement, despite the U.S. move to block Iranian ports after weekend talks collapsed.The Hang Seng Index gained 211.47 points, or 0.8%, to close at 25,872.32, while the Hang Seng China Enterprises Index added 69.55 points, or 0.8%, to 8,671.61.After talks in Islamabad broke down over the weekend, a U.S. official said engagement was continuing and progress toward an agreement was still being made, Reuters reported.Pakistani Prime Minister Shehbaz Sharif also said efforts to resolve the conflict were ongoing.Meanwhile, U.S. President Donald Trump said Monday that Iran had made contact and was seeking a deal, but ruled out any agreement that would allow Tehran to possess nuclear weapons.Signs of diplomatic engagement eased pressure in energy markets, with oil prices slipping in Asian trade.In corporate news, Wai Chun (HKG:1013) advanced nearly 341% after entering into a cooperation agreement with Xavvi U.S. to establish a platform company targeting the global creator economy.Voyah Automotive Technology (HKG:7489) closed 8% higher after saying its controlling shareholder, Dongfeng Motor Group, plans to increase its stake in the business.

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Asia

Wai Chun Eyes Creator Economy Venture With Xavvi US; Shares Surge 209%

Wai Chun (HKG:1013) said it entered into a cooperation agreement with Xavvi U.S. to establish a platform company targeting the global creator economy, according to a Monday Hong Kong bourse filing.Shares of the firm were up more than 209% in Tuesday morning trade.Wai Chun will hold a 60% stake in the platform entity, with Xavvi U.S. holding the remaining 40% and being responsible for operations, business development, and management.The platform will focus on monetising influencer traffic across platforms such as TikTok, Instagram, and YouTube, leveraging a network of nearly 100 content creators.

HKG:1013