Hopewind Electric recovers part of outstanding debt in litigation

Shenzhen Hopewind Electric Company Limited (Hopewind Electric) has announced a significant development in its litigation against Inner Mongolia Sihua Wind Power Equipment Co., Ltd. According to a civil mediation statement from the Supreme People's Court of the People's Republic of China, Inner Mongolia Sihua Wind Power Equipment Co., Ltd. has paid Hopewind Electric RMB 600,000. This payment resolves a portion of the outstanding contract payments that Hopewind Electric had been pursuing.

The company had previously initiated legal proceedings against Huayi Wind Energy Co., Ltd. and Inner Mongolia Sihua Wind Power Equipment Co., Ltd. for outstanding contract payments totaling RMB 16,294,739.61 plus interest. Hopewind Electric had fully provisioned for bad debts related to these amounts. The recovery of this RMB 600,000 is expected to increase the company's current period profit by RMB 600,000, subject to audit.

This latest development follows a series of legal actions and appeals detailed in previous announcements, culminating in the Supreme People's Court's mediation. Hopewind Electric reaffirms its commitment to transparency, stating it will continue to disclose further developments in accordance with regulations.