Hong Kong court declares HK01 founder Yu Pun-hoi bankrupt over HK$470 million debt

High Court issues bankruptcy order against Yu, who is board chairman of delisted Nan Hai Corporation, over his failure to repay investment bank CCB International Overseas

Pippen Limited, which is under Yu’s control, was slated to repay HK$384 million in four years’ time, with debt ballooning to about HK$470 million

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A screengrab of Yu Pun-hoi from an interview earlier this year. HK01 says Yu holds no positions at the local news outlet and it will operate as normal. Photo: CGTN

Published: 4:10pm, 26 Mar 2024Updated: 8:39am, 27 Mar 2024

A Hong Kong court has declared merchant and online news portal HK01 founder Yu Pun-hoi bankrupt after he defaulted on a HK$470 million (US$60.1 million) debt owed to a mainland Chinese investment bank.

The High Court on Tuesday issued a bankruptcy order against the majority shareholder and board chairman of the delisted Nan Hai Corporation, compelling him to bear the costs of the proceedings on an indemnity basis.

Nan Hai is the parent company of HK01. A senior editorial worker at the online news portal told the Post the move was unlikely to affect the platform since it was financially independent.

HK01 said Yu held no positions at the local news outlet and it would operate as normal.

“The case only concerns Mr Yu Pun-hoi’s personal financial arrangement,” it said.

Deputy Judge Sara Tong See-pui highlighted on Tuesday Nan Hai’s net liability of HK$3.9 billion and decided the overall value of its assets fell short of the amount claimed by CCB International Overseas in March 2021.