Hualing Xingma wins appeal, Shaoguan Ruili ordered to pay 11.8m yuan

Hualing Xingma Automobile Group (CAMC) announced a significant development in its legal dispute with Shaoguan Ruili Motor Co., securing a final judgment from the Ma'anshan Intermediate People's Court of Anhui Province. The court upheld the initial ruling, mandating Shaoguan Ruili to pay CAMC outstanding debts of 11,877,436.00 yuan plus a late payment penalty of 248,548.00 yuan as of December 31, 2024, with interest continuing at an annual rate of 5.025% until full payment.

Additionally, Zhong Huaming and Liu Daqin are held jointly liable for Shaoguan Ruili's debts. The first instance court fees, totaling 105,701.00 yuan, will be partially borne by CAMC (11,145.00 yuan), with the remainder (94,556.00 yuan) and a preservation fee of 5,000.00 yuan split among Shaoguan Ruili, Zhong Huaming, and Liu Daqin. Shaoguan Ruili is solely responsible for the second instance court fee of 65,836.00 yuan.

CAMC stated that the impact of this litigation on its current or future profits is uncertain, contingent on further execution results. The company will perform accounting treatment according to relevant standards and fulfill information disclosure obligations, advising investors to exercise caution.