On the evening of September 25, Rison Technology announced that its holding subsidiary, Guangzhou Rison Beidou Automobile Equipment Co., Ltd. (hereinafter referred to as Guangzhou Ruibei), has sued Yao Zhenhua and other related parties, and won the first-instance judgment.
However, this lawsuit is still at the stage of the first-instance judgment. Rison Technology announced that the final actual impact of this lawsuit on the company's current period profit and subsequent period profit will depend on the subsequent execution.
The litigation request was basically supported by the court.
The four defendants sued by Guangzhou Ruibei this time are Yao Zhenhua, Shenzhen Baoneng Investment Group Co., Ltd. (hereinafter referred to as Baoneng Investment), Qoros Automobile Co., Ltd. (hereinafter referred to as Qoros Automobile), and Qoros Automobile Co., Ltd. Xi'an Branch (hereinafter referred to as Qoros Xi'an).
Rison Technology announced that recently, the company received a "Civil Judgment" issued by the People's Court of Luohu District, Shenzhen City, showing that Guangzhou Ruibei's litigation request was basically supported, and won the first-instance judgment.
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The specific result of the first-instance judgment is that Qoros Automobile and Qoros Xi'an should pay 50.08 million yuan and overdue payment loss to Guangzhou Ruibei within ten days from the effective date of this judgment.
At the same time, Yao Zhenhua and Baoneng Investment bear joint and several liability for the 37.14 million yuan and overdue payment loss of the first item of the judgment borne by Qoros Xi'an this time to Guangzhou Ruibei.
The "Civil Judgment" shows that if the above four defendants fail to perform the obligation of paying money within the specified period according to the judgment, they should pay double the debt interest for the delay period according to Article 264 of the Civil Procedure Law of the People's Republic of China.
Yao Zhenhua is involved in two lawsuits.
Guangzhou Ruibei has sued Yao Zhenhua and other related parties twice for the same incident.Yao Zhenhua and related parties were previously engaged in the car manufacturing business and had business dealings with Guangzhou Ruibei. However, Qoros Xi'an failed to make the pre-acceptance payment to Guangzhou Ruibei as stipulated in two Equipment Purchase Contracts.
On February 18, 2022, Guangzhou Ruibei signed a Settlement Agreement with Yao Zhenhua, Baoneng Investment, and Qoros Xi'an, in which Qoros Xi'an or its designated entity promised to repay the funds to Guangzhou Ruibei according to the agreed repayment plan, with associated parties Yao Zhenhua and Baoneng Investment providing joint and several guarantee.
Subsequently, Qoros Xi'an again failed to fulfill its payment obligations as stipulated in the Settlement Agreement, leading Guangzhou Ruibei to initiate two lawsuits concerning the Settlement Agreement.
Firstly, Guangzhou Ruibei sued Yao Zhenhua and Baoneng Investment for the overdue payment of a total of 29.84 million yuan, along with the interest for late payment. In July 2023, the Shenzhen Intermediate People's Court made a second-instance judgment, supporting Guangzhou Ruibei's litigation request, and ruled that Yao Zhenhua and Baoneng Investment should jointly and severally repay 29.84 million yuan to Guangzhou Ruibei and pay for the loss due to late payment within ten days from the effective date of the judgment.
Secondly, after the remaining debt of 37.14 million yuan in the Settlement Agreement became due, Guangzhou Ruibei sued the guarantors Yao Zhenhua, Baoneng Investment, Qoros Automobile, and Qoros Xi'an at the Shenzhen Luohu District People's Court for joint and several payment of 37.14 million yuan and the loss due to late payment, and additionally sued Qoros Automobile and Qoros Xi'an for payment of a debt of 12.94 million yuan and the loss due to late payment.
As of the close on September 25, the total market value of Ruisong Technology was 4.178 billion yuan.
