Vantone Development initiates arbitration over overdue financial aid

Beijing Vantone Development (SSE:600246) announced it has initiated arbitration proceedings with the Shenzhen International Court of Arbitration regarding overdue financial assistance provided to Source Photonics (Chengdu) Co., Ltd. The disputes, detailed in two separate acceptance notices, involve estimated amounts of CNY 33,232,481 and CNY 318,483,595 respectively. Vantone had previously entered into convertible bond and warrant agreements with Source Photonics and its affiliates. Due to the failure to convert the debt to equity, Vantone is seeking repayment of principal, interest, and associated legal costs. Vantone's board approved the legal action to protect the interests of the company and its shareholders. The company acknowledged the uncertain impact on future profits and will continue to update investors.