*ST Huahuang Arbitration Matter Receives Final Award; Confirms Payable Project Payment and Interest Totaling Approximately 72.33 Million Yuan

*ST Huawang (Stock Code: 603007) recently announced that the company received the arbitration award (2025) Zhen Arbitration No. 0186 from the Zhenjiang Arbitration Commission, which makes a final ruling on the construction contract dispute between the company and Huazhong Weiye Construction Group Co., Ltd. (hereinafter referred to as “Huazhong Weiye”). According to the ruling, the company is required to pay Huazhong Weiye approximately 70.33 million yuan in construction payments, interest, and legal fees. However, this ruling does not involve direct payment, and the related claims will be settled collectively according to the bankruptcy reorganization plan.

The announcement shows that in 2018, Huazhong Weiye signed four “Construction Contracts” and related supplementary agreements with *ST Huawang for the network security base municipal road project. In 2019, the project was put into use, and in 2023, Huazhong Weiye received the project settlement audit confirmation letter. Due to *ST Huawang’s overdue payments, Huazhong Weiye filed for arbitration with the Zhenjiang Arbitration Commission in March 2025.

The final arbitration ruling mainly includes: confirming that *ST Huawang owes Huazhong Weiye 64.62 million yuan in construction payments and 521,667 yuan in overdue interest, as well as 50,000 yuan in legal fees.

*ST Huawang stated that this ruling only confirms the amount of the disputed construction payments and does not involve the applicant’s distribution amount in the bankruptcy process. Since the company completed the implementation of the reorganization plan and concluded the reorganization procedure on December 30, 2024, the principal and interest of the disputed construction payments will be classified as general claims and will be paid collectively according to the terms of the “Reorganization Plan.” Currently, Huazhong Weiye has completed the claim registration, and the related claims have been transferred to a trust company for special handling. The specific execution and settlement procedures are not yet clear. The company emphasizes that this matter will not have a significant impact on current or future profits.

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Editor: Xiao Lang Kuai Bao