Talkweb receives CNY 90.79m in compensation, debt transfer

Talkweb Information System disclosed the receipt of CNY 90.79 million in total from shareholders stemming from unmet performance obligations linked to its acquisition of Haiyuntian Holdings. The performance compensation payment totaled CNY 72,844,480, resolving a legal dispute initiated in September 2020. Additionally, the company received CNY 17,943,626.61 related to a debt transfer agreement addressing prior instances of Haiyuntian Holdings' irregular guarantees. Specifically, the funds cover amounts owed to Shenzhen Xin Fang Xiang Investment and Development as well as Li Xinyun. According to the company, these payments have resolved all irregular guarantee concerns, and the company no longer faces such liabilities.