ST Zhongli faces new lawsuit, sees progress in appeal

Jiangsu Zhongli Group (*ST Zhongli, SZSE:002309) announced it is involved in a new lawsuit through its wholly-owned subsidiary, Suzhou Teng Hui Photovoltaic Technology. The plaintiff, Qingdao Green and New Energy Management, is seeking CNY 22,454,001.07 from Changshu Yaochuang Photovoltaic Power Station Development, a wholly-owned subsidiary of Suzhou Teng Hui, with Suzhou Teng Hui bearing joint liability. The dispute stems from disagreements over clauses in a power station project equity transfer agreement. Zhongli states that if Teng Hui is held liable, the debt would be treated as a common claim under the company's restructuring plan.