Haohua Energy loses appeal in property dispute

Beijing Haohua Energy Resource (SSE:601101) has lost its appeal in a lawsuit against Shanxi Zhongbo Real Estate Development Co., Ltd., concerning a breach of contract related to the transfer of equity in Hangjinqi Western Energy Development Co., Ltd. The Beijing High People's Court upheld the original verdict, dismissing Haohua Energy's claims. The suit stemmed from Haohua Energy's allegations that Shanxi Zhongbo violated the terms of an equity transfer agreement, causing damages. Haohua Energy initially sought damages of CNY 108.52 million plus legal fees. The company will bear the CNY 5,469,300 in court fees for the second trial. Haohua Energy stated that the final judgment is not expected to negatively impact the company's current operations or profits.