Shanghai Broadband's litigation with Hong Kong Petrochemical progresses

Shanghai Broadband Technology (SSE:600608) announced a development in its ongoing litigation with Hong Kong Petrochemical and Yan Fei. The lawsuit, initiated on May 15, 2024, by Shanghai Broadband and its subsidiary Shanghai Yixuan International Trading, concerns a sales contract dispute with Hong Kong Petrochemical and a guarantee contract dispute with Yan Fei. The Shanghai Minhang District People's Court rejected Hong Kong Petrochemical's jurisdictional challenge in December 2024. The court has now scheduled a hearing for the sales contract dispute for July 21, 2025. The company cautioned that the impact of the litigation on the company's current and future profits remains uncertain and subject to various risks.