ST Tianlong completes asset auction for $652,000

Jiangsu Huasheng Tianlong Photoelectric (SZSE:300029) announced the successful judicial auction of its assets located at 1628 Jinshajiang Road, Shanghai, including the property and its interior fixtures. The auction concluded on February 22, 2025, with Shanghai Zhenzhen Construction Engineering Consulting Co., Ltd. winning the bid at RMB 4,672,096 (approximately $652,000 USD). The initial auction for the assets was held on 31 Jan - 21 Feb and did not meet the asking price, a second auction took place 2/21 to 2/22. The auction stems from a contract dispute between ST Tianlong and Inner Mongolia Shengnaji Photovoltaic Materials Co., Ltd. The company will finalize the proceeds and determine the precise accounting treatment in accordance with relevant standards, with the final financial impact subject to auditor review.