SINOHYTEC (02402.HK): Subsidiary Involved in Vehicle Payment Litigation of Around RMB194 Million; Group Named Co-defendant
NewTimeSpace News: SINOHYTEC (02402.HK) announced that the Company and its wholly-owned subsidiary Tangshan Qianchen New Energy Development Co., Ltd. have recently received a civil complaint filed by Foshan Feichi Auto Technology Co., Ltd. The claimant demands the first defendant and Tangshan Qianchen to settle vehicle payments of approximately RMB194 million plus corresponding interest, and holds the Company jointly and severally liable for the obligations owed by Tangshan Qianchen.
NewTimeSpace News: On 21 July 2026, SINOHYTEC (02402.HK) issued an announcement. The Company and its wholly-owned subsidiary Tangshan Qianchen New Energy Development Co., Ltd. recently received a civil complaint instituted by Foshan Feichi Auto Technology Co., Ltd. before Foshan Intermediate People’s Court of Guangdong Province. Tangshan Qianchen is listed as the second defendant and the Company as the fourth defendant.
Per the civil complaint, Foshan Feichi claims:Tangshan Hanyi Hydrogen Energy Technology Co., Ltd. (the first defendant) and Tangshan Qianchen (the second defendant) shall pay around RMB194 million payable vehicle purchase consideration under certain vehicle procurement contracts, together with interest calculated at the one-year LPR quoted by the National Interbank Funding Center plus a 50% margin;The Company shall bear joint and several liability for the indebtedness of Tangshan Qianchen;All defendants shall bear case acceptance fees and preservation fees.
The Company stated it is taking legal advice on the civil complaint. Based on current assessment, the litigation is expected not to exert material adverse impact on the Group’s overall daily operations.
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