Changhong Jiahua (03991) issued an announcement. The company's subsidiaries, Sichuan Changhong Jiahua Digital Technology Co., Ltd. and Suning Tesco...
Zhitong Finance App News, Changhong Jiahua (03991) announced that the company's subsidiary Sichuan Changhong Jiahua Digital Technology Co., Ltd. and Suning Tesco Group Co., Ltd. signed a “Business Cooperation Master Contract” and supplementary agreement on July 31, 2020, agreeing that Changhong Jiahua Digital will supply computers and other products to the Suning Procurement Center. After Changhong Jiahua Digital delivered goods one after another according to the agreement, the Suning procurement center successively defaulted on the purchase price. On August 23, 2021, Changhong Jiahua Digital signed a second supplementary agreement with Suning Procurement Center. It was agreed that if the payment was overdue, the Suning Procurement Center would be required to pay the capital usage fee at an annual rate of 6.5% of the overdue payment until the actual payment date, and since October 2021, Suning Procurement Center and its related companies have provided a total of four real estate mortgage guarantees to Changhong Jiahua Digital. The maximum amount of guaranteed debt was RMB 1,258 million. Since then, the Suning Procurement Center has settled some of the arrears one after another, but no payments have been made since January 24, 2024. As of April 21, 2024, the principal amount owed by the Suning Procurement Center was RMB 722 million, and the outstanding capital usage fee was RMB 173 million.
In this regard, Changhong Jiahua Digital filed a lawsuit with the Nanjing Intermediate People's Court of Jiangsu Province on April 22, 2024, requesting the Nanjing court to order the Suning Procurement Center to pay RMB 722 million in purchase price, RMB 173 million in capital occupation expenses, and priority compensation rights after the mortgage property was auctioned. Changhong Jiahua Digital has recently received the “Notice of Acceptance of the Case” (Case No.: (2024) Su01 Minchu No. 852) and other relevant legal documents served by the Nanjing Court.
The lawsuit is currently only being processed, and it is currently impossible to determine the final judgment and execution results of the lawsuit and whether it will have any significant impact on the Group's current profit or after-period profit. The Group will assert its own legitimate rights and interests in accordance with the law and actively take relevant legal measures to protect the legitimate rights and interests of the Group and the company's shareholders.