Changhong subsidiary wins initial judgment in major lawsuit

Sichuan Changhong Electric (SSE:600839) announced that its subsidiary, Jiahua Digital, has won a preliminary judgement in a lawsuit against Suning companies. The Nanjing Intermediate People's Court ordered Suning Procurement Center to pay Jiahua Digital CNY 706,032,450.81 for outstanding debts, plus CNY 124,614,074.59 for losses related to capital occupation calculated up to September 13, 2024. Interest accrues from September 14, 2024, at 1.3 times the one-year loan prime rate. Furthermore, Suning Procurement Center must pay CNY 14,434,497.44 for other outstanding debts. Suning Appliance Group will be responsible for supplementary compensation. Jiahua Digital also possesses priority in receiving compensation from the mortgaged assets from Suning, but the judgment is subject to appeal. This is one of 12 lawsuits against the company.