Proview Technology (Shenzhen) is headed for liquidation, just four months after taking a record settlement from Apple for the iPad's trademarks on the mainland.
In a filing with the Hong Kong stock exchange yesterday, parent Proview International Holdings said the Shenzhen Intermediate Court had appointed a liquidation administrator for its debt-mired subsidiary on October 24.
The winding-up process for Proview Technology followed the final judgment made on September 10 by the Higher People's Court of Guangdong Province, which decided in favour of the appeal lodged by creditor Fubon Insurance.
That ruling revoked the first instance judgment made on March 27 by the Shenzhen court, which had rejected Fubon's bankruptcy application against Proview Technology.
Sun Min, the chairman and chief executive of Proview International, said further announcements regarding any significant development in that lawsuit "will be made when appropriate". The court-appointed liquidation administrator was not identified.
The liquidation of the Shenzhen subsidiary may have slammed the door to Wan Chai-based Proview International and its plan to resume trading of its shares, which have remained suspended since August 2010.