Global Infotech subsidiary sees arbitration proceedings suspended

Global Infotech announced that arbitration proceedings involving its wholly-owned subsidiary, Shanghai Ruimin Internet Technology, have been suspended following the applicant's request.

The case involves a frozen amount of RMB 53.7 million, with RMB 7.6 million actually frozen, representing 8.25% and 1.17% of the company's net assets respectively. Global Infotech stated the outcome's impact on profits remains uncertain as the case is still open.