Jingyuntong faces lawsuit over unpaid construction, total litigation exceeds CNY 105m

Beijing Jingyuntong Technology announced that it and its subsidiary, Wuhai Jingyuntong New Material Technology, are defendants in a lawsuit filed by Haibowan Urban Construction Investment Financing Co., Ltd. The lawsuit concerns unpaid construction fees for a factory built by Jingyuntong. Haibowan Urban Construction Investment seeks CNY 235,605,958.00 in construction fees, plus interest and damages, totaling CNY 244,169,724.84. With this new lawsuit, Jingyuntong's cumulative litigation and arbitration amount over the past 12 months reaches CNY 105,129,650.00, representing 11.73% of the company's latest audited net assets. The company stated that the ultimate impact on profits is uncertain and dependent on the outcome of ongoing legal proceedings.