Bank of Shanghai wins first instance judgment in loan dispute

The Bank of Shanghai (SSE:601229) announced a positive development in its lawsuit against Shenzhen ToGiS Technology Co. Ltd. and other defendants. On March 20, 2025, the Shenzhen Intermediate People's Court ruled in favor of the bank's Shenzhen branch, ordering ToGiS Technology to repay RMB 2.58 billion in principal, plus accrued interest, penalties, and compound interest. The judgment also holds Shenzhen SYLOG Group Co., Ltd. and other defendants jointly and severally liable for ToGiS Technology's debt. The court upheld the bank's mortgage rights on specific real estate provided by Shenzhen SYLOG Group Co., Ltd.. The legal fees of RMB 180,000 must also be paid to the bank. The ruling is a first-instance judgment, and parties have the right to appeal. The bank stated this progress will not significantly impact the company's current or future profits.