The court ordered the freezing of Ruixing asset bondholders to file a lawsuit this week

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Sina science and technology news on the evening of May 15, Beijing time, the high court of the Hong Kong Special Administrative Region held a trial on Friday, which showed that a group of bondholders of Ruixing coffee had been ordered by the court to freeze the assets held by the company in the Cayman Islands and Hong Kong. Earlier this week, bondholders filed a civil lawsuit to recover about $155.7 million in losses caused by Rui’s financial fraud. The freezing order restricts Ruixing from selling or transferring assets between entities registered in the Cayman Islands and Hong Kong. Ruixing is incorporated in the Cayman Islands and headquartered in Xiamen. The Cayman Islands parent company and its Hong Kong registered subsidiaries have contractual relationships with Ruixing’s operating entities in China. The hearing said the freezing order will remain in force until further decisions are made by the courts in both jurisdictions. Bondholders also applied to disclose a list of assets worth more than US $10000 held by Ruixing and its subsidiaries, and whether Ruixing must comply with it will be decided by future hearings in the Cayman Islands and Hong Kong. Bondholders, including several US and Asian hedge funds and asset managers, hold nearly $200 million worth of lucky convertible bonds.