Jiangsu Zhongli subsidiary ordered to pay in commercial dispute

Jiangsu Zhongli Group Co., Ltd. announced that its subsidiary, Ningxia Zhongsheng Cable Technology Co., Ltd. (Ningxia Zhongsheng), received a civil judgment from the Xingqing District People's Court of Yinchuan City. The judgment pertains to a sales contract dispute between Ningxia Zhongsheng and Ningxia Jiayang Energy Co., Ltd.

The court ruled that Ningxia Zhongsheng must pay Ningxia Jiayang Energy Co., Ltd. a total of RMB 4,244,821.64 for labor and appraisal fees within seven days of the judgment becoming effective. Additionally, Ningxia Zhongsheng is responsible for RMB 39,247 of the case acceptance fee and the full RMB 5,000 application fee for preservation. Failure to comply with the monetary obligations within the specified period will result in doubled interest on the delayed payment.

This is a first-instance judgment, and parties retain the right to appeal. Jiangsu Zhongli Group has already made provisions for the estimated liabilities related to this lawsuit. The final impact on the company's current or future period profits will be determined by the audited results.