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On December 5th, Country Garden Holdings Co., Ltd. (02007.HK) announced that, pursuant to a court order dated December 4th, 2025, its offshore debt restructuring plan has been approved by the court. A stamped copy of the approval order was submitted to the Registrar of Companies in Hong Kong for registration on December 5th, 2025. Therefore, the effective date of the plan has occurred on December 5th, 2025, in accordance with the terms of the plan. The effective date of the plan is a significant milestone in the implementation of the proposed restructuring. The effective date of the plan is distinct from the effective date of the restructuring. The effective date of the plan is one of the restructuring conditions, while the effective date of the restructuring can only occur after all restructuring conditions have been fulfilled or waived.Canadas labor force participation rate in November was 65.1%, below the expected 65.3% and the previous months 65.30%.Canadas unemployment rate was 6.5% in November, below the expected 7% and the previous months 6.90%.Canada added 63,000 part-time jobs in November, compared with 85,100 in the previous month.On December 5th, Tuojing Technology announced that it plans to jointly invest in Xinfeng Precision with its related party, Fengquan Venture Capital. Tuojing Technology plans to acquire RMB 9.9838 million of registered capital from Xinfeng Precisions original shareholders for no more than RMB 270 million, representing 16.4154% of Xinfeng Precisions registered capital after this round of financing. Fengquan Venture Capital plans to acquire RMB 1.1093 million of registered capital from Xinfeng Precisions original shareholders for RMB 30 million, representing 1.8239% of Xinfeng Precisions registered capital after this round of financing. This transaction involves joint investment with related party Fengquan Venture Capital, constituting a related-party transaction, but does not constitute a major asset restructuring as defined in the "Measures for the Administration of Major Asset Restructuring of Listed Companies." This transaction has been approved by the 21st meeting of the second board of directors of the company. Related directors Mr. Lü Guangquan and Ms. Liu Jing abstained from voting. This matter still needs to be submitted to the companys shareholders meeting for review.

Lawsuit accuses troubled crypto lender Celsius Network of fraud

Skylar Shaw

Jul 08, 2022 14:54

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On Thursday, a former investment manager at Celsius Network filed a lawsuit against the cryptocurrency lender, alleging that it had frozen client funds and had rigged the price of its own cryptocurrency token using user contributions.


According to the lawsuit, Celsius engaged in "gross mishandling of client deposits" in order to enrich itself and deceived plaintiff KeyFi Inc, controlled by former manager Jason Stone, into delivering services worth millions of dollars while refusing to pay for them.


The complaint was filed in Manhattan's New York state court and demands both specific compensation and punitive damages; Celsius has not yet responded.


Stone's charges come after Celsius decided on June 12 to halt transfers and withdrawals for its 1.7 million clients due to "extreme" market circumstances.


Later, the Hoboken, New Jersey-based business recruited consultants to discuss a potential debt restructure that would include declaring bankruptcy.


While the cryptocurrency hedge fund went into liquidation late last month, the crypto lender Voyager Digital Ltd filed for bankruptcy protection this week.


Celsius guaranteed retail consumers disproportionate returns, up to 19% yearly.


However, Stone said that Celsius had trouble paying investors because it neglected to hedge its bets, leading to "severe" losses when the value of several currencies changed.


He also claimed that Celsius had a $100 million to $200 million hole in its records that it "could not completely explain or rectify" because certain deposits were recorded on a U.S. dollar basis even though clients were paid in bitcoin or other digital currencies.


The case filed on Thursday claims that Stone produced $838 million in profit for Celsius and KeyFi before expenses and overhead from August 2020 to March 2021 while mostly operating without a formal agreement, with KeyFi being entitled to 20% of net profit.


When it became apparent that the hedging difficulties "may be financially ruinous" for Celsius and harm KeyFi's image, Stone claims he ended the connection in March 2021. However, Stone claims that Celsius has refused to accept his resignation.


KeyFi Inc. v. Celsius Network Ltd. et al., New York State Supreme Court, New York County, is the name of the case.

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