On October 21, Chow Tai Seng Jewellery Co., Ltd. announced that it has received the “Civil Judgment” regarding the litigation progress of its contract dispute with Shuibeika Company. The case involves an amount of 70,248,979.23 yuan. According to the background of the case, the plaintiff Shuibeika Company initially claimed 210,746,938.29 yuan in the first instance, but the court ruled that Chow Tai Seng should compensate 2.78 million yuan and dismissed other claims by the plaintiff. The plaintiff was dissatisfied with the first-instance ruling and filed an appeal. The appellate court upheld the original ruling, dismissing the appeal, and the appellate case handling fee of 393,044.90 yuan will be borne by the plaintiff Shuibeika Company. This judgment is final. Chow Tai Seng noted in its announcement that it has fully provided for the bad debts related to the 2.78 million yuan receivable, therefore, the ruling will not affect the company’s current or future profits. Additionally, the bank account that was frozen due to the litigation will be unfrozen in accordance with legal procedures. As of the announcement date, Chow Tai Seng and its holding subsidiary do not have any other significant litigation or arbitration matters that require disclosure.
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