ZQGame subsidiary bank accounts frozen amid contract dispute

Shenzhen ZQGAME (SZSE:300052) announced that its wholly-owned subsidiary, Shenzhen Baoteng Interconnection Technology Co., Ltd., has had some of its bank accounts frozen. The action stems from a dispute over bandwidth service contract payments, leading the applicant to seek property preservation through the Guangzhou Tianhe District People's Court. Three bank accounts belonging to Baoteng Interconnection were affected, with a total of CNY 7,850,116.41 being the requested freeze amount, while the actual frozen amount is CNY 1,955,939.69. The company notes that this freeze represents a relatively small portion of its assets, approximately 0.48% of its latest audited net assets. ZQGAME is actively engaging with the court and applicant to resolve the matter and unfreeze the accounts. The company emphasizes that there are no other undisclosed major lawsuits or arbitrations currently.