Announces on behalf of subsidiary Huzhou Anli Technology Co., Ltd. concerning arbitration matter

Announces on behalf of subsidiary Huzhou Anli Technology Co., Ltd. concerning arbitration matter
Material Information
2022-10-02

  1. Parties to the legal matter: Huzhou Anli Technology Co., Ltd.   Jiangsu Didu Construction Engineering Co., Ltd.

  2. Name of the court or punishing agency of the legal matter: Huzhou Arbitration Commission

  3. Reference/Case number of relevant documents of the legal matter: Hu Zhong(2022) Tsai Tzu No.41

  4. Date of occurrence of the event:2022/10/01

  5. Details of occurrence (including the matter under dispute): Huzhou Anli Technology Co., Ltd.(hereinafter referred to as Huzhou Anli) and Jiangsu Didu Construction Engineering Co., Ltd. (hereinafter referred to as Jiangsu Didu) signed a construction contract on September 1, 2020. The contract has been confirmed by the Huzhou Arbitration Commission on December 22, 2022 that the contract is rescinded. On December 28, 2021, Huzhou Anli and Zhejiang Qiaoxing Construction Group Co., Ltd. (hereinafter referred to as Zhejiang Qiaoxing) completed the signing of the construction contract. However, after the termination of the contract, Jiangsu Didu still did not leave the construction site and prevented Zhejiang Qiaoxing from entering the construction site. Huzhou Anli has appointed the lawyer to handle this case and submitted an arbitration application to the Huzhou Arbitration Commission on March 30, 2022. And to protect the legal rights and interests of the company.

  6. Handling procedure: Huzhou Anli has appointed the lawyer on March 30, 2022, and submitted an arbitration application to the Huzhou Arbitration Commission. The arbitrament of the Huzhou Arbitration Commission has been received, Jiangsu Didu must hand over relevant construction documents and engineering drawings within ten days of the judgment date. However, Jiangsu Didu had already handed over the construction in progress and construction site before the judgment, so it is determined that both parties in the dispute have completed the settlement.

  7. Impact on the Company’s finance and business and projected amount: Based on current information, the arbitration case did not have a significant impact on the company’s finances and business.

  8. Countermeasures and improvement status: The delay in the construction progress of the Jiangsu Didu caused the company's losses, a application for compensation was filed on September 28, 2022, in order to safeguard legal rights and interests.

  9. Any other matters that need to be specified:None.