SC New Energy faces account freeze, lawsuits

Shenzhen SC New Energy Technology Corp (SZSE:300724) announced that a portion of its bank account has been frozen due to ongoing contract disputes. The freeze amounts to CNY 312,432,533.69, triggered by lawsuits with Shenzhen Ruitek Precision Machinery Co. and a CNY 310,000,000.00 dispute with Huadong Photovoltaic Technology (Xuzhou) Co., Ltd. In related news, SC New Energy and its subsidiaries have initiated legal proceedings against Huadong Photovoltaic and Wuxi Huadong Photovoltaic, seeking CNY 20,838,250.00 in outstanding payments, breach of contract compensation, and legal fees. The company states that the frozen funds represent a small portion of its total cash reserves and assures that operations remain unaffected as it pursues legal remedies to protect its interests.