*ST Rongkong's subsidiary land transfer contract dispute case first-instance judgment: both the lawsuit claims and counterclaims were dismissed.

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*ST Rong Control (stock code: 000668) announced on March 20 that its holding subsidiary Changchun Rongfeng Real Estate Development Co., Ltd. (hereinafter referred to as “Changchun Rongfeng”) has received the first-instance judgment from the court regarding the construction land use rights transfer contract dispute with Shanghai Pudong Development Bank Co., Ltd. (hereinafter referred to as “Pudong Bank”). The court determined that the “Land Use Rights Transfer Contract” signed by both parties is valid, but rejected the lawsuit request from Changchun Rongfeng as well as other counterclaims from Pudong Bank.

The announcement indicated that the dispute between Changchun Rongfeng and Pudong Bank originated from the “Land Use Rights Transfer Contract” signed on December 31, 2009. On February 25, 2025, Changchun Rongfeng filed a lawsuit and a preservation application with the People’s Court of Nanguan District, Changchun City, Jilin Province, and the court issued a preservation civil ruling on March 20, 2025. However, on March 27, the court issued a civil ruling to lift the preservation without the consent of Changchun Rongfeng and without Pudong Bank providing a guarantee. Changchun Rongfeng submitted a reconsideration application, which was rejected by the court on April 2, 2025.

During the litigation process, Pudong Bank filed a counterclaim, requesting the court to confirm the validity of the “Land Use Rights Transfer Contract,” order Changchun Rongfeng to assist in the registration of the land use rights for 7,822 square meters of shared property, and claim independent usage rights for the contracted land parcel, which takes precedence over other owners of the “Changchun International Financial Center” project, while also demanding that Changchun Rongfeng pay a penalty of 16.2918 million yuan.

According to the civil judgment (2025) Jilin 0102 Minchu No. 2716 issued by the People’s Court of Nanguan District, Changchun City, Jilin Province, the court ruled that the “Land Use Rights Transfer Contract” signed by both parties is valid, but rejected the lawsuit request from Changchun Rongfeng as well as other counterclaims from Pudong Bank. The acceptance fee for the main lawsuit of 153,357 yuan will be borne by Changchun Rongfeng, and the acceptance fee for the counterclaim case of 59,775 yuan will be borne by Pudong Bank.

*ST Rong Control stated that the current lawsuit is in the first-instance judgment stage, and it is currently impossible to determine the impact on the company’s current profits or future profits. The company will actively follow up on the progress of this matter and fulfill its information disclosure obligations in a timely manner, urging investors to pay attention to investment risks.

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Editor: Xiao Lang Kuaibao