Octopus (APAC) Holdings Limited Completes Creditors’ Voluntary Liquidation of Key Subsidiaries

Summary of Key Developments

• Octopus (APAC) Holdings Limited (formerly GS Holdings Limited) has completed the creditors’ voluntary liquidation (CVL) of its subsidiaries, Wish Hospitality Holdings Private Limited and Wish Health Management (Shanghai) Co. Ltd. (“Wish Shanghai”).
• All regulatory requirements and formalities for liquidation and deregistration have been completed.
• Significant funds (RMB22 million) remain withheld by the PRC authorities, and efforts to recover these funds are ongoing.

Details Investors Need to Know

1. Completion of Liquidation for Wish Hospitality Holdings Private Limited

• The final meeting for the CVL was held on 26 December 2025.
• The final return was lodged with the Accounting and Corporate Regulatory Authority (ACRA) on 20 January 2026.
• Wish Hospitality is now officially dissolved and listed as “Dissolved – Creditors Voluntary Winding Up” on ACRA’s registry.

2. Deregistration of Wish Health Management (Shanghai) Co. Ltd.

• Deregistration with the Shanghai Municipal Administration for Market Regulation was completed on 8 December 2025.
• This marks the full exit of the Group from this subsidiary in China.

3. Price-Sensitive Issue: RMB22 Million Withheld in China

• Approximately RMB22,000,000 (about S\$4.1 million, subject to exchange rates) remains in the bank account of Wish Shanghai, retained by the PRC authorities.
• The Company has instructed its lawyers in China to continue engaging with relevant authorities for the release of these funds.
• This sum is material for shareholders and its recovery (or otherwise) could impact the Company’s cash position and potentially affect the Group’s share value.

4. Ongoing Updates

• The Board has committed to making further announcements to update shareholders as and when there are material developments regarding the withheld funds and any related matters.

Management and Regulatory Oversight

• Announcement is made by Company Secretaries Yoo Loo Ping and Cheng Lisa on 15 April 2026.
• The announcement has been reviewed by the Company’s Sponsor, Evolve Capital Advisory Private Limited, but not by the Exchange, which assumes no responsibility for its contents.
• Contact person for further information is Mr. Jerry Chua at Evolve Capital Advisory Private Limited.

What This Means for Shareholders

• The completion of liquidation and deregistration represents a streamlining of the Group’s operations and a potential reduction in ongoing liabilities.
• The recovery (or loss) of RMB22 million withheld in China is a significant unresolved issue. Shareholders should pay close attention to future updates as this could have a direct financial impact on the Group and influence its share price.

Disclaimer: This article is a summary and interpretation of the official company announcement. It is not investment advice. Investors should refer to the full announcement and consult their financial advisers before making any investment decisions. The content is based on publicly available information as of 15 April 2026.

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