Ubox Online (02429) is currently down by more than 5%, as of the time of this report, it has fallen by 5.19% to HK$9.86, with a turnover of 7.4437 million Hong Kong dollars.
According to Asia Vets Financial APP, Ubox Online (02429) is currently down by more than 5%, as of the time of this report, it has fallen by 5.19% to HK$9.86, with a turnover of 7.4437 million Hong Kong dollars.
On the news front, Ubox Online announced that on October 16, it received an arbitration notice submitted by Guangzhou Fuhong Technology (applicant) to the China International Economic and Trade Arbitration Commission. The notice concerns an investment agreement signed on June 15, 2021, accusing Ubox Online of failing to acquire the 49% equity of Shenzhen Youfu held by Fuhong according to the agreement. Shenzhen Youfu is owned 51% by Ubox Online and 49% by Fuhong.
According to the notice, Fuhong demands that Ubox Online pay a total price of 0.15 billion yuan for the relevant equity, in addition to requiring payment of four times the market interest rate as default interest, legal fees of 2 million yuan, arbitration costs and other related expenses. Ubox Online stated that the company is currently seeking legal advice on the arbitration proceedings. As of the date of this announcement, as far as the board of directors is aware, the above arbitration proceedings have not had a significant adverse impact on the group's business and general operations. As of the date of this announcement, the group is still operating as usual and management remains stable.