Hanma Technology marketing branch litigation enters enforcement phase

Hanma Technology Group Co., Ltd.'s marketing branch, as the applicant, initiated legal action against Shandong Anma Automobile Sales Co., Ltd. and its guarantors for a contract dispute involving outstanding vehicle payments. The total amount sought was RMB 16,788,122.44, plus interest and legal fees.

Following a first-instance judgment, the marketing branch has successfully recovered RMB 3,512,360.00 to date. However, the Maanshan Yushan District People's Court recently issued an enforcement ruling, concluding the current enforcement procedure after finding no discoverable assets belonging to the debtors.

Hanma Technology notes that if new executable assets are discovered, it can re-apply for enforcement. The company states it cannot currently predict the impact of this on current or future period profits and will continue to monitor the case, fulfilling its information disclosure obligations.