SinoHytec hit with RMB194.00 million procurement lawsuit; parent and subsidiary named as defendants

Bulletin Express07-21

Beijing SinoHytec Co., Ltd. (SinoHytec) and its wholly-owned subsidiary Tangshan Qianchen New Energy Development Co., Ltd. have been served with a civil complaint lodged by Foshan Feichi Automotive Technology Co., Ltd. in the Guangdong Province Foshan City Intermediate People’s Court.

Foshan Feichi seeks: 1. Payment of RMB194.00 million (USD equivalent not disclosed) under vehicle procurement contracts from first defendant Tangshan HanYi Hydrogen Energy Technology Co., Ltd. and second defendant Tangshan Qianchen, plus interest calculated at a 50 % premium to the one-year loan prime rate from 11 May 2026 until full settlement. 2. Joint and several liability from fourth defendant SinoHytec for the above debt. 3. Recovery of case acceptance and preservation fees from all defendants.

SinoHytec stated that legal counsel is being engaged and, based on current assessment, the litigation is not expected to exert a material impact on the Group’s day-to-day operations. Further disclosures will be made as developments warrant.

Shareholders and potential investors are advised to exercise caution when dealing in SinoHytec shares.

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