Haitian Co., Ltd. announced that the company previously disclosed that its wholly-owned subsidiary Tianfu Haitian sued the Sichuan Tianfu New Area Bureau of Agriculture and Rural Affairs and the Sichuan Tianfu New Area Management Committee over a franchise contract dispute, and appealed after the first instance verdict. Recently, Tianfu Haitian received a final “Administrative Judgment” from the Chengdu Intermediate People's Court of Sichuan Province, annulling the first instance verdict, and ordered the Sichuan Tianfu New Area Management Committee to pay Tianfu Haitian 72.964 million yuan for loss of franchise value and assets within 90 days from the date of entry into force of the judgment, 42 million yuan for loss of expected profits and 200,000 yuan in legal fees, for a total of 115 million yuan.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.