Huasheng Tianlong subsidiary faces lawsuit, bank account freeze

Jiangsu Huasheng Tianlong Photoelectric (SZSE:300029) announced that its subsidiary, Changzhou Shengyou New Energy Equipment Manufacturing, is involved in a contract dispute with Jielv Heavy Industry. The lawsuit, initiated by Jielv Heavy Industry on February 7, 2025, concerns an alleged breach of contract related to a procurement agreement for wind turbine components. As a result of the legal action, some of Changzhou Shengyou's bank accounts, along with a portion of Jiangsu Huasheng Tianlong's accounts, remain frozen. The lawsuit seeks payment of contract fees of CNY12,182,399.99, along with default fines of CNY675,852.48. A court hearing is scheduled for June 18, 2025, but has been delayed. In related news, Huasheng Tianlong will host an online performance briefing on June 24, 2025, to address investor concerns, including those related to the litigation and its impact on the company's financials.