New development in the litigation case of Chenzhou Electric International subsidiary: the court rejects the creditor’s assignee’s request to change the enforcement applicant.

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Chendian International (Stock Code: 600969) announced on March 19 that there has been a new development in a sales contract dispute involving its wholly owned subsidiary, Handan Chendian Electric Power Energy Co., Ltd. (referred to as “Handan Chendian”). The Hebei Province Cixian People’s Court recently ruled to reject Nanjing Hongpanxiang Network Technology Co., Ltd. (referred to as “Nanjing Hongpanxiang”)'s application to be the enforcement applicant in this case. This ruling has no impact on the company’s current or future profits.

The announcement states that the case originated from a sales contract dispute between Huaxing Energy Group Co., Ltd. (referred to as “Huaxing Energy”) and Cixian Zhangnan Coal Washing Co., Ltd. (“Zhangnan Coal Washing”) and Handan Chendian. The Hebei Higher People’s Court previously ruled on August 4, 2015, that Zhangnan Coal Washing pay Huaxing Energy 16.3875 million yuan plus interest, and that Handan Chendian bear additional compensation obligations to Zhangnan Coal Washing.

During the enforcement process, Huaxing Energy applied to add Chendian International as an enforcement target. After review, the Cixian People’s Court found that the conditions for Handan Chendian’s supplementary liability were not met and rejected the application. Huaxing Energy disagreed and applied for reconsideration and enforcement supervision. The Hebei Higher People’s Court revoked the previous ruling in November 2025 and remanded the case back to the Cixian Court for re-examination.

The latest development shows that during the re-examination by the Cixian Court, Nanjing Hongpanxiang applied to change the enforcement applicant, claiming it had acquired Huaxing Energy’s debt against Handan Chendian. After review, the Cixian Court issued Enforcement Ruling No. (2026) Ji 0427 Zhi Yi 25, rejecting Nanjing Hongpanxiang’s application for change.

Additionally, Chendian International mentioned in the announcement that Huaxing Energy was deregistered in September 2025. The company stated it will continue to actively safeguard its and its subsidiaries’ legal rights and interests and will fulfill its information disclosure obligations promptly as the case progresses.

Key timeline of the case:

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Editor: Xiao Lang Kuai Bao