The closed-door in-house news about the case of the eldest son and president of the Urban Development Group Guo Yizhi's attempt to “seize power” is known to be postponed and the new date of the court has not yet been determined.

According to two people familiar with the matter, they revealed to Lianhe Zaobao on Wednesday (March 5), the closed-door inner court hearing originally scheduled to be held on April 11 will be postponed, and the new court hearing date has not yet been decided.

One of the people familiar with the matter said that the closed-door internal court news will be postponed until April 23 after the annual general meeting of urban development shareholders, and the new date has not been determined.

Previously, the court held a pre-trial meeting on the case on Tuesday morning (4th) and is scheduled to hold a closed-door internal hearing on April 11, when the judge will hear the testimony of Guo Lingming, Guo Yizhi and others.

Another person familiar with the matter also said when asked that the closed-door internal court news will be postponed now, but the new date has not been determined. The court may set a new date later this week.

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People familiar with the matter did not further disclose the reason for the delay in court.

According to the Company Act, the general meeting of shareholders must give shareholders a notice of at least 14 days to vote on ordinary proposals, and if it is a special proposal, it must notify shareholders at least 21 days in advance. To ensure fair treatment of shareholders, the best practice is usually to give shareholders a longer notice period than statutory requirements.

Urban Development released its 2024 fiscal year results on February 26, and it is scheduled to hold its annual shareholders' meeting on April 23, and the performance report also mentioned this date to shareholders.

Urban Development's share price rose 2.62% to 5.10 yuan on Wednesday, almost completely regaining lost ground this week. It had previously suspended trading for three days and resumed trading on Monday (3rd), with the stock price falling by 2.9% in two days.