According to Zhitong Finance App, Yihuatong (02402) announced that the Company and its wholly-owned subsidiary Tangshan Qianchen New Energy Development Co., Ltd. (Tangshan Qianchen) recently received a civil lawsuit (civil lawsuit) against (among others) Tangshan Qianchen and the Company (as second and fourth defendants) as plaintiffs in the Guangdong Foshan Intermediate People's Court.
According to the civil lawsuit, Foshan Flying Spur is seeking (including but not limited to):
(a) Tangshan Hanyi Hydrogen Energy Technology Co., Ltd. (the first defendant) and Tangshan Qianchen (the second defendant) must pay (i) approximately RMB 194 million, that is, car purchases payable under certain automobile purchase contracts; and (ii) based on the principal amount of approximately RMB 194 million, based on a 50% increase in the one-year loan market quoted interest rate announced by the National Interbank Loan Center, from May 11, 2026 until the date the accrual is fully paid;
(b) The Company shall be jointly and severally liable for the debts owed by Tangshan Qianchen; and
(c) Such defendants shall bear the costs of admissibility and preservation of civil claims.
The Company and Tangshan Qianchen are currently seeking legal advice on the civil lawsuit. Based on the current assessment and as of the date of this announcement, it is anticipated that the civil lawsuit will not have any significant impact on the Group's overall daily operations. The Company will inform the Company's shareholders and potential investors in due course of any further significant developments relating to civil lawsuits through further announcements.