The Zhitong Finance App learned that according to the latest data from the Hong Kong Stock Exchange, Baofa Holdings (08532) changed positions on October 22, with a total transfer market value of HK$249,300, accounting for 6.99%. The company's shareholders transferred 2.08 million shares to Huatai Hong Kong and 4.224 million shares from Futu Securities International Hong Kong.

Baofa Holdings issued an announcement regarding Mr. Ma Jianzeng's filing a winding-up petition against Baofa Construction Engineering Co., Ltd. (PCE), a wholly-owned subsidiary of the company. The petition was later replaced by the Bankruptcy Wage Insurance Fund Committee. At a hearing on October 20, 2026, the High Court ordered PCE to be liquidated (PCE Compulsory Liquidation) under the Companies (Liquidation and Miscellaneous Provisions) Ordinance, Chapter 32 of the Laws of Hong Kong.

As far as the company knows and believes, PCE's compulsory liquidation will not have a significant impact on the Group's current core business operations, all because the Group's main business is currently operated by another subsidiary. The company further believes that since PCE is in a net debt position, its liquidation will improve the Group's overall financial situation.

Furthermore, the company is actively seeking legal advice on PCE's compulsory liquidation, and will inform shareholders and investors of any significant developments in PCE's compulsory liquidation.

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