On the last day of 2023, ST Yaxing (600213.SH) announced that the company had signed the YXHWZD20231022-01 Sales Contract with DH as the seller and buyer, stipulating that the company would sell customer cars worth approximately US$6.94 million to DH. Due to a maritime accident involving the carrier of the cars, the goods could not be delivered to DH on time, which made it impossible to achieve the purpose of the contract. Considering that DH had paid financing costs to purchase the cars, and its failure to receive the goods caused certain losses, based on the above-mentioned reasons, the two parties reached a friendly agreement after negotiation for long-term cooperation and signed a compensation agreement, whereby DH agreed to transfer the ownership of the cars back to the company, and the company agreed to repay DH 110% of the value of the goods (approximately US$7.63 million).
By the end of June 2024, the ship had docked, but due to the failure of the shipowner, cargo owner, company, and insurance company to reach an agreement on related matters, it has not been possible to inspect the damaged goods aboard the vessel, and the relevant losses have yet to be determined. The signing of this compensation agreement is expected to reduce the company's revenue by approximately RMB 45.42 million and compensate customers for losses of approximately RMB 5 million in 2024. The damage to the goods and other possible losses are currently unclear, and the company has already made an estimate of these losses in its 2024 semi-annual performance forecast disclosed in July.
