U-right International Liquidation
Stock Photo ID: hkdigit-20081009-195208-02
HONG KONG - 9 Oct., 2008 - Hong Kong Listed Company U-Right International (佑威服裝) could not meet written demands for repayment of HK$850 million in loans from banks and other financial institutions. It was applied for liquidation.
The company has 95 stores in Hong Kong and another 516 on the mainland. However, this might be the reason of its collapse. Deloitte pointed out that U-Right invested too much on the mainland, causing it to have run out of cash.
U-Right, which was listed on Hong Kong's main board in 2000, saw its share price plummet almost 70 percent over the past month and trading in its shares was suspended on 17 Sept., 2008 when the share price was recorded at 1.4 HK cents apiece.
U-Right is the third listed retailer in Hong Kong to collapse amid the global financial turmoil.
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