Fanliwang Digital Technology lawsuit settled, director resigns

Fanliwang Digital Technology Company Limited announced the withdrawal of a lawsuit by PacTec Holdings, LLC in a US court. The lawsuit, filed in December 2021, named chairman and general manager Ge Yongchang, director and deputy general manager James Min Zhu, and other related parties as defendants. The company confirmed the withdrawal will not negatively impact its operations or current period profits.

Separately, James Min Zhu resigned from his roles as director, deputy general manager, and member of the board's strategy and sustainable development committee, effective September 30, 2025. His resignation is due to personal reasons, and he will continue to hold other positions within the company. The board expressed gratitude for his contributions, including its reorganization and stable operations.

The company will elect a new director to ensure compliance with legal requirements regarding board composition. All information is available on designated media outlets and the Shanghai Stock Exchange website.