In an SGX filing just past midnight on Oct 12, the company said that “on or around late Friday evening (Oct 9 2020)” it became aware that Shanghai Yiguo E-Commerce, Shanghai Winchain Supply Chain Management and Shanghai Exfresh Logistic, collectively known as the three Yiguo entities, were placed into voluntary bankruptcy reorganisation under Chinese law back in July 30 2020.
The parent company of SunMoon Food’s controlling shareholder has been put under voluntary bankruptcy reorganisation.
This has raised uncertainties if the SGX listed company can promptly collect back some $12.4 million in account receivables due from its parent company and related entities.
