Hanma Technology marketing unit concludes debt recovery efforts against auto dealer

Hanma Technology Group Co., Ltd.'s marketing branch has received a ruling from the People's Court of Yushan District, Ma'anshan City, Anhui Province, concluding execution proceedings against Shandong Weileng Automotive Sales and Service Co., Ltd. and Gao Qi. The original lawsuit, filed on August 10, 2021, sought payment of RMB 26,259,590.64 for vehicle sales and corresponding overdue payment penalties, along with other related costs.

Despite the conclusion of execution, Hanma Technology's marketing branch has yet to recover any funds since the retrial judgment. The court ruled to terminate the execution procedure as no other executable assets belonging to the debtors were found. However, the marketing branch retains the right to apply for a resumption of execution if new executable assets are discovered.

The company states it cannot currently predict the impact of this development on its current or future period profits. Hanma Technology will continue to monitor the case closely, perform necessary accounting treatments, and fulfill its information disclosure obligations. Investors are advised to exercise caution and be aware of investment risks.