HUISEN SHARES received a civil mediation regarding several subsidiaries of the group

Zhitong
2024.11.20 08:38
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HUISEN SHARES announced that Ganzhou Nankang District Urban Construction Development Group Co., Ltd. has filed a civil mediation totaling 229 million yuan against it and several subsidiaries due to unpaid compensation claims, with some companies and individuals required to assume repayment obligations. The mediation result is final and cannot be appealed. The People's Court of Nankang District, Ganzhou City, Jiangxi Province has issued a compulsory enforcement order, but the plaintiff has not yet taken action. Additionally, Longnan Economic and Technological Development Company has filed a civil mediation of 119 million yuan against some defendants, with Ms. Sheng Minglan required to assume guarantee responsibilities. The company believes that the compulsory enforcement will not affect its financial condition

According to the announcement from HUISEN SHARES (02127), the company has noted that Ganzhou Nankang District Urban Construction Development Group Co., Ltd. (Nankang Development Group) has filed a civil mediation totaling RMB 229 million against several defendants, including but not limited to the company's former director Mr. Zeng Ming; Ms. Zeng Minglan; and several subsidiaries of the group, including Ganzhou Huiming Wood Industry Co., Ltd. (Huiming Wood), HUISEN Furniture (Longnan) Co., Ltd. (HUISEN Furniture), HUISEN Mingda (Longnan) Furniture Co., Ltd. (HUISEN Mingda), Ganzhou Aigesen Wood-based Panel Co., Ltd. (Aigesen), Weiye Health Technology (Longnan) Co., Ltd. (Weiye Health), and HUISEN Smart Home Technology (Longnan) Co., Ltd. (HUISEN Smart Home). Due to Mr. Zeng Ming's failure to settle the claims, Huiming Wood, Aigesen, HUISEN Furniture, HUISEN Mingda, Weiye Health, and Ms. Zeng Minglan are required to assume repayment obligations as guarantors. The mediation result is final and no further appeals may be made.

On September 18, 2024, the People's Court of Nankang District, Ganzhou City, Jiangxi Province issued a compulsory execution order against the aforementioned subsidiaries and several of their assets.

As of the date of this announcement, the aforementioned plaintiff has not taken any compulsory execution actions.

The company has also noted that Longnan Economic and Technological Development Zone Construction Investment Co., Ltd. (Longnan Development Company) has filed a civil mediation totaling RMB 119 million against several defendants, including but not limited to Mr. Zeng Ming; Ms. Zeng Minglan; and several subsidiaries of the group, including HUISEN Furniture, HUISEN Mingda, and HUISEN Smart Home. Due to Mr. Zeng Ming and HUISEN Furniture's failure to settle the claims, Ms. Zeng Minglan is required to assume repayment obligations as a guarantor. The mediation result is final and no further appeals may be made.

As of the date of this announcement, the People's Court of Longnan City, Jiangxi Province has not issued a compulsory execution order.

There is sufficient collateral for the compulsory execution, and based on available information, the company believes that the compulsory execution will not affect the financial condition and business operations of the group

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