Hanma Tech marketing subsidiary's lawsuit concludes enforcement phase

Hanma Technology Group Co., Ltd. has announced that the enforcement proceedings for a lawsuit involving its marketing subsidiary and Quanzhou Hualing Automobile Trading Co., Ltd. have concluded. The lawsuit, stemming from a sales contract dispute, involved claims for goods payment of CNY 28,959,828.11, along with late payment penalties and other related costs totaling CNY 319,620.00.

The marketing subsidiary, as the applicant, has received CNY 12,441,880.32 from Quanzhou Hualing since the initial mediation. The Anhui Ma'anshan Yushan District People's Court recently issued an enforcement ruling, noting that no further executable assets of the defendants were found at this time, leading to the termination of the current enforcement procedures.

Despite the current termination, Hanma Technology may reapply for enforcement if additional executable assets are discovered. The company stated that it is currently unable to predict the impact on its current or future period profits, emphasizing that it will monitor the case's progress and make appropriate accounting adjustments and disclosures in accordance with relevant regulations. Investors are advised to exercise caution.