JIU RONG HOLD (02358.HK): Subsidiary Zhejiang Jiurong Intelligence faces lease dispute lawsuit over about RMB 17.06 million in unpaid rent
NewTimeSpace News: On 7 September 2026, Jiu Rong Holdings Limited (stock code: 02358) issued an inside information announcement stating that Zhejiang Jiurong Intelligence Technology Co., Ltd. , an indirect wholly-owned subsidiary of the group, had received a notice of response and summons from the Qiantang District People's Court of Hangzhou in respect of a civil lawsuit filed by Shuyuan Technology Innovation Development Co., Ltd., a wholly-owned subsidiary of Shuyuan Technology Co., Ltd. which is one of the company's shareholders, over a dispute arising from housing lease contracts. The case number is (2026) Zhe 0114 Minchu No. 6367, with the hearing scheduled for 22 October 2026.
According to the statement of claim, the plaintiff and the defendant signed five housing lease contracts between 2022 and 2025, under which the defendant leased premises located at Building 1, No. 2, 8th Street, Baiyang Sub-district, Qiantang District, Hangzhou, for a lease term from 1 January 2023 to 31 May 2025. The total rent under the contracts amounted to RMB 17,606,660.8, of which the defendant had paid RMB 550,000. The plaintiff seeks payment of the outstanding rent of RMB 17,056,660.8 in total, together with the litigation costs and preservation fees of the case.
Following a preliminary assessment, the board considered that, given the group's current financial position, the lawsuit may exert certain pressure on the group's cash flow and working capital, with the ultimate impact on the group's overall operations remaining subject to further assessment and the court's final judgment. The group is seeking advice from its PRC legal advisers on the lawsuit and will actively respond to it, while management continues to communicate with creditors on a settlement plan to actively promote debt resolution. The announcement also cautioned that the lawsuit may affect the group's cash flow to a certain extent, and that there is no assurance that no other assets of the group will be frozen or disposed of before the lawsuit is resolved.
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