Beijing UBOX Online Technology Slapped with Arbitration Notice

MT Newswires Live10-17

Beijing UBOX Online Technology (HKG:2429) received a notice of arbitration filed by Guangzhou Fuyu Intelligent Technology over a certain investment agreement contract, a Thursday bourse filing said.

Guangzhou Fuyu Intelligent Technology is alleging that the company failed to acquire a 49% stake held by the former in Shenzhen Youfu Sharing Trading as agreed under a 2021 contract.

Beijing UBOX Online Technology currently owns the remaining 51% equity interest in Shenzhen Youfu Sharing Trading.

The vending machine operator is seeking legal advice related to the matter.

Shares of the company closed nearly 4% lower on Thursday.

Price (HKD): $10.40, Change: $-0.42, Percent Change: -3.88%

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