Baiyun airport ends dispute, withdraws arbitration over equipment contract

Guangzhou Baiyun International Airport Co. announced the receipt of a "Decision" from the Guangzhou Arbitration Commission, confirming the withdrawal of its arbitration application. The dispute originated from an August 2022 contract with China Sea Intelligence (Beijing) Technology Co. for F and G island baggage inspection equipment. The company sought to terminate the contract and claim damages, alleging the contract's purpose could not be achieved during debugging and use.

The withdrawal means the arbitration case is concluded, with the company bearing the arbitration handling fee of CNY 25,505. The arbitration acceptance fee of CNY 170,035, which the company had pre-paid, will be refunded. The company states that this decision is not expected to have a material impact on its production and operations.

As of the announcement date, the company and its subsidiaries have no other significant undisclosed lawsuits or arbitration matters. The company will process the accounting treatment in accordance with accounting standards, with the impact on current and future profits subject to the annual audit confirmation.