Hang Seng Electronics agrees with Luo Feng Network to apply for bankruptcy liquidation

Hang Seng Electronics agrees with Luo Feng Network to apply for bankruptcy liquidation
On April 24, Hang Seng Electronics, a listed company affiliated with Ma Yun, announced that Hang Seng Electronics held a board meeting on April 23 and agreed that Luo Feng Network submitted an application for bankruptcy liquidation to the People’s Court.According to the announcement, Luo Feng ‘s network business operations have long ceased to stagnate, no longer have the ability to continue operations and profitability, and are in a state of capital insolvency for a long time.According to the 2019 annual report issued by Hang Seng Electronics Co., Ltd. (“Hang Seng Electronics”), Alibaba Group founder and director Ma Yun is the actual controller of the company.Hangzhou Luofeng Network Technology Service Co., Ltd. formerly known as “Hangzhou Hang Seng Network Technology Service Co., Ltd.”, Hang Seng Electronics holds 60% of its shares, and the remaining 40% of the shares belong to Yunhan Equity Investment Management Partnership Enterprise in Ningbo High-tech Zone.In the three fiscal years from 2017 to 2019, Luo Feng’s net profit was -373, respectively.99 thousand yuan, -125.870,000 yuan, -185.60,000 yuan.According to the data, on December 13, 2016, Luo Feng Network officially received the Securities Regulatory Commission’s “The HOMS System Development and Operation of the Camel Network Violated Securities Laws and Regulations” and imposed administrative intervention on Luo Feng Network.In August 2017, the CSRC applied to the Xicheng District People’s Court of Beijing for compulsory execution. After investigation, the Xicheng Court found no property to be executed after investigation, and ruled to terminate the execution procedure.According to the announcement, Luo Feng Network currently has no staff, and the business has been completely closed to a halt state, and it no longer has business continuity and profitability.Luo Feng Network has long been in a state of capital insolvency.As of December 31, 2019, Luo Feng’s net book value was approximately -4.2.4 billion yuan, zero operating income in 2019.”As a limited liability company, Luofeng Network’s application for bankruptcy liquidation will not affect the company’s daily business activities, nor will it affect the company’s 2019 financial statements. “Hang Seng Electronics wrote in the announcement.Sauna, Ye Wang Chen Peng editor Zhao Ze proofreading Li Shihui