Summary by Moomoo AI
Dongyue Group Co., Ltd. (“Dongyue Group”) issued a notice on April 2, 2024, mentioning that its indirect subsidiary, Dongyue Polymer, has notified Xinhua United Financial on March 28, 2024 of the withdrawal of a deposit balance and accrual interest of approximately RMB3.189 billion. Xinhua United Finance failed to return the money by March 31, and Dongyue Polymer Sui filed a lawsuit with the Chinese Court on April 1. The next day, Dongyue Polymer received a letter from Xinhua Finance stating that the refund could not be refunded. DONGYAKE GROUP NOTED THAT SINCE THE DEPOSIT IS COLLATERALIZED AND THE VALUE OF THE SHARES IS HIGHER THAN THE OUTSTANDING BALANCE, THE RISK OF RECOVERY IS MANAGEABLE. The outstanding shares mentioned in the announcement are approximately 11.91% of shares in Hunan Hualien Porcelain Co., Ltd., and Hunan Hualien Porcelain is a listed company on the Shenzhen Stock Exchange.