Beijing SINOHYTEC Co., Ltd. (ASX: 02402) has announced that the company and its wholly-owned subsidiary, Tangshan Qianchen New Energy Development Co., Ltd. (Tangshan Qianchen), have recently been served with a civil complaint. The complaint was filed by Foshan Feichi Automobile Technology Co., Ltd. (Foshan Feichi) as the plaintiff in the Foshan Intermediate People's Court of Guangdong Province.
The legal action names Tangshan Qianchen and the parent company as the second and fourth defendants, respectively. According to the filed documents, Foshan Feichi is seeking several remedies. These include an order for Tangshan Hanyi Hydrogen Energy Technology Co., Ltd. (the first defendant) and Tangshan Qianchen (the second defendant) to pay approximately RMB 194 million. This amount is claimed as the outstanding payment for vehicles under certain procurement contracts.
Additionally, Foshan Feichi is seeking interest on the principal sum of RMB 194 million. The interest is to be calculated from May 11, 2026, until full payment is made, based on the one-year Loan Prime Rate published by the National Interbank Funding Center, plus a 50% premium.
The plaintiff further demands that SINOHYTEC assume joint and several liability for the debts of its subsidiary, Tangshan Qianchen. The complaint also requires the defendants to bear the court acceptance fees and preservation fees associated with the case.
SINOHYTEC and Tangshan Qianchen are currently seeking legal counsel regarding the civil complaint. Based on a preliminary assessment as of the date of this announcement, the company expects that the lawsuit will not have any material adverse impact on the overall daily operations of the group.
The company has stated it will issue further announcements to keep its shareholders and potential investors informed of any significant developments related to this legal matter in a timely manner.
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