Zhitong Finance App News, Tianyun International Holdings (06836) issued an announcement. On April 25, 2024, Shandong Tiantong Food Co., Ltd. (Shandong Tiantong), a subsidiary of the company, received a notice from the People's Court of Hedong District of Linyi City dated April 24, 2024 (court notice).
According to the court notice, Shandong Zhengzhi Holding Group Co., Ltd. (Shandong Zhengzhi) has filed legal proceedings against Linyi Yuanyu Trading Co., Ltd. (Linyi Yuanyu) and Shandong Tiantong over the loan dispute. As of the date of this announcement, the Company was unable to verify the existence of this loan. The court has issued a property preservation order (property preservation order) to provide judicial protection for the assets of Linyi Yuanyu and Shandong Tiantong, with a total amount of up to RMB 30 million.
The company's non-executive director, Xiaolong Yin, is the honest legal representative of Shandong. Yang Ziyuan, the company's executive director, is the legal representative of Linyi Yuanyu. His powers and duties have been suspended.
The court ordered judicial preservation of Linyi Yuanyu's bank account with Linshang Bank for a period of 1 year from April 24, 2024 to April 23, 2025. The following assets of Shandong Tiantong have also been ordered for judicial preservation for a period of 3 years from April 24, 2024 to April 23, 2027: land located at the southeast corner of Yangjialing Village, Jiuqu Street, Hedong District, and the southeast corner of the intersection of Ankang East Street and Longshan Road in Hedong District; 13 buildings in Yangjialing Village, Jiuqu Street, Hedong District; and 4-story high-rise buildings in Yangjialing Village, Jiuqu Street, Hedong District.
The Board is seeking legal advice on the property preservation order and will make further announcements in due course.
Furthermore, trading continues to be suspended.