Hanma technology faces recovery setback in sales contract dispute

Hanma Technology Group Co. has provided an update on its lawsuit against Shaoguan Ruili Automobile Trading Co. and guarantors Zhong Huaming and Liu Daqin for a sales contract dispute. The company had sought payment of 11,877,436 yuan in arrears and a penalty of 248,548 yuan as of December 31, 2024, with additional penalties accruing from January 1, 2025.

The Maanshan Yushan District People's Court in Anhui Province issued a ruling, terminating the execution of the civil judgment. The court found no discoverable assets belonging to the debtors, Shaoguan Ruili, Zhong Huaming, or Liu Daqin. As a result, Hanma Technology has not recovered any funds from the case since the second-instance judgment.

Hanma Technology states that it can reapply for enforcement if new executable assets are discovered. The company is currently unable to estimate the impact of this development on its current or future profits but will continue to monitor the case and make appropriate accounting adjustments in accordance with relevant standards. Investors are advised to exercise caution.