Hubei Sanxia New Building Materials Co., Ltd. announced that it has received a notice from the People's Court of Luohu District, Shenzhen, Guangdong Province. The announcement is as follows: Yang Haichao, Shenzhen Qianhai Jiahao Investment Partnership Enterprise (Limited Partnership), Liu Dexun, Zhan Qixing, and Hubei Sanxia New Building Materials Co., Ltd. Hold...
Regarding the case of the contract dispute between the applicant, Yang Haichao and the respondent, Zhan Qixing, Shenzhen Qianhai Jiahao Investment Partnership Enterprise (Limited Partnership), and Liu Dexun, the Arbitration Award of Shenzhen International Arbitration Court (2023) Shen Guo Zhong Diao Zhan Zi No. 4384 has come into legal effect. The applicant applied for compulsory enforcement to this court and the case was filed on September 12, 2023.
During the execution process, because the respondent still did not fulfill the obligations determined by the effective legal documents, the court intends to dispose of the 21 million unrestricted shares of Hubei Sanxia New Building Materials Co., Ltd., held by Shenzhen Qianhai Jiahao Investment Partnership Enterprise (Limited Partnership) (pledge application number: ZYD182064).
The respondent Shenzhen Qianhai Jiahao Investment Partnership Enterprise (Limited Partnership) ('Qianhai Jiahao') holds 64.9137 million unrestricted shares of the company, accounting for 5.60% of the total share capital, and all of these shares have been judicially frozen. This execution will not affect the stability of the company's controlling rights, governance structure, and continuous operation.