A subsidiary of Chunxing Precision Holdings has filed a lawsuit seeking 12,035,400 yuan in lease contract dispute; the court has accepted the case.

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Suzhou Chunxing Precision Engineering Co., Ltd. (Stock Code: 002547, Stock Abbreviation: Chunxing Precision) recently announced that its controlling subsidiary, Yuan Sheng Zhihui Technology Co., Ltd. in Xianyou County (hereinafter referred to as “Yuan Sheng Zhihui”), has filed a lawsuit with the Xianyou County People’s Court due to a leasing contract dispute with Shenzhen Haoyun Niao Industry Co., Ltd. (hereinafter referred to as “Haoyun Niao Industry”). The case has been accepted by the court but has not yet gone to trial.

The announcement shows that Yuan Sheng Zhihui and Haoyun Niao Industry signed five leasing agreements, including “Equipment Lease Contract,” “Office Furniture and IT Equipment Lease Contract,” “Dormitory Lease Contract,” and “Factory Lease Contract,” from March 31 to April 13, 2023. On January 1, 2024, the two parties signed a “Termination Agreement,” agreeing to terminate the above leases. According to settlement confirmation, as of December 31, 2023, Haoyun Niao Industry owed Yuan Sheng Zhihui 12.0354 million yuan in rent. Since Haoyun Niao Industry has not paid this debt to date, Yuan Sheng Zhihui filed a lawsuit, demanding the defendant pay the overdue rent of 12.0354 million yuan and a penalty of 4.1681 million yuan accrued until the date of filing, as well as bear all litigation costs.

Chunxing Precision stated in the announcement that, since the case has not yet gone to trial, it is currently impossible to determine its impact on the company’s current or future profits.

Additionally, the announcement disclosed other litigation-related information involving the company and its subsidiaries. As of the date of this announcement, aside from the already disclosed lawsuits and arbitration cases, there are seven new cases involving amounts less than 1 million yuan, totaling 1.6334 million yuan. Meanwhile, some previously disclosed cases have recently made progress, with details as follows:

Chunxing Precision pointed out that as of the date of this announcement, the total amount of unresolved lawsuits and arbitration cases exceeds 100% of the company’s audited net assets for 2024, and the final judgment remains uncertain. If the company loses these cases, it may incur additional expenses, increase financial pressure, and even face judicial enforcement risks, which could threaten liquidity. The company is actively taking measures such as strengthening accounts receivable collection, negotiating solutions with relevant parties, and optimizing asset structure to ensure sustainable operation and stability. The company will closely monitor the progress of litigation matters and disclose information in a timely manner.

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Editor: Xiao Lang Kuai Bao