CSSC Tech subsidiary faces setback in retrial lawsuit

CSSC Science & Technology (SSE:600072) announced that its subsidiary, China Shipbuilding Wind Power Clean Energy Technology (Beijing) Co., Ltd., is facing an unfavorable judgment in a retrial lawsuit. The suit, initiated by Inner Mongolia Zhonghai Xinyuan New Energy Technology Development Co., Ltd., concerns a commissioned contract dispute. The court ordered China Shipbuilding Wind Power to pay CNY 50,000,000 in compensation, plus interest calculated at an annual rate of 3.65% from April 16, 2023. CSSC Tech stated that the current verdict will negatively impact the company's current profits and indicated that its subsidiary will appeal the decision. The company assures investors that they will be notified of any progress.