Post by earlofsilveron May 15, 2025 8:56am
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Post# 36574675
Transfer of funds out of China
Transfer of funds out of China
In 2020, the Company initiated the process of reducing the registered capital of Minco China from US $60 million to US
$40 million, representing a reduction of US $20 million. After a comprehensive and time-consuming process, this application received approval from various Chinese government agencies. The Company intends to transfer the funds once sufficient RMB term deposits mature and the outstanding Note principal repayment is received, enabling it to finance potential property acquisitions outside of China.
And
During the three months ending March 31, 2025, the Beijing No. 3 Intermediate People’s Court issued an enforcement notice regarding the disposal of certain equity interests in Longxin Mining. The pledged equity interests include:
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A capital contribution of $5.3 million (RMB 27.858 million) scheduled for auction through an online judicial sale on JD.com from 10:00 a.m. on May 16, 2025, to 10:00 a.m. on May 17, 2025 (subject to extension).
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A capital contribution of $0.74 million (RMB 3.918 million), scheduled for auction through an online judicial sale on JD.com from 10:00 a.m. on June 17, 2025, to 10:00 a.m. on June 18, 2025 (subject to extension