Jiangsu Huasheng Tianlong bank accounts frozen amid legal dispute

Jiangsu Huasheng Tianlong Photoelectric (SZSE:300029) announced that its bank accounts and those of its wholly-owned subsidiary, Changzhou Shengyou New Energy Equipment Manufacturing, have been frozen by the Changzhou Jintan District People's Court. The action stems from a pre-trial preservation application related to a procurement contract dispute between Changzhou Shengyou and Jielv Heavy Industry, with the preservation amount totaling CNY 12,858,252.47. Five bank accounts are impacted.