Hongbo Holdings' Wholly-Owned Subsidiary Involved in 10.31 Million Yuan Contract Dispute; Court Rules to Dismiss Plaintiff's Lawsuit

MaticHoleFiller · 2026-03-25T13:24:03+00:00

Hongbo Co., Ltd. and its wholly-owned subsidiary won a contract dispute case, with the court ruling to dismiss the lawsuit filed by plaintiff Qianwu Technology due to lack of jurisdiction. The case amount is approximately 11.3026 million yuan. The ruling has no material impact on the company's performance. There remains a possibility of appeal in subsequent proceedings. The company will continue to monitor developments in the case.

MaticHoleFiller

2026-03-25 13:24:03

Abstract generation in progress

Hongbo Co., Ltd. (Rights Protection) announced on March 26 that the company and its wholly-owned subsidiary Yingbo Digital Science received a Civil Ruling from Haidian District People’s Court in Beijing regarding a contract dispute where they are defendants. The court ruled that the plaintiff, Qianwu Technology, has no jurisdiction over the case and dismissed the lawsuit. The case involves approximately 10.3126 million yuan in principal, along with related breach of contract and property preservation insurance costs. The company stated that this ruling will not have a significant adverse impact on current or future profits.

The announcement shows that in December 2025, Beijing Qianwu Technology Co., Ltd. filed a lawsuit with Haidian District People’s Court in Beijing, claiming a breach of sales contract and requesting payment of 103.125848 million yuan, a provisional penalty of 10 million yuan, and coverage of property preservation insurance fees.

During the case proceedings, Yingbo Digital Science raised an objection before the first hearing, arguing that the business contract between the parties clearly stipulated that disputes should be resolved through arbitration by the China International Economic and Trade Arbitration Commission, and that the arbitration clause is legal and valid. The court found that it had no jurisdiction over the case. After review, Haidian District People’s Court supported Yingbo Digital Science’s objection and dismissed Qianwu Technology’s lawsuit. According to the ruling, Qianwu Technology is responsible for a 5,000 yuan case preservation fee, and the 303,714.62 yuan paid for case acceptance will be refunded after the ruling takes effect.

Hongbo Co., Ltd. also reminds that the plaintiff can appeal within ten days of receiving the ruling, and the case’s subsequent development remains uncertain. The company will continue to monitor the case, protect the legal rights and interests of the company and shareholders according to law, and strictly fulfill information disclosure obligations. As of the date of this announcement, the company and its controlling subsidiaries have no other major lawsuits or arbitration matters that need disclosure but have not been disclosed.

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