Xunyou Technology: The application for enforcement of the major arbitration compensation has been rejected, and additional claims have been pursued against the new shareholders.

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On March 23, Xunyou Technology (300467.SZ) disclosed an update regarding a significant arbitration involving the company.

According to the announcement, Xunyou Technology acquired 100% equity of Chengdu Lion’s Roar Technology Co., Ltd. in 2017 through a combination of issuing shares and cash payment. In this transaction, the company signed a profit forecast compensation agreement with seven counterparts, including Xiamen Yunneng Tiancheng Investment Management Partnership (Limited Partnership) (referred to as “Tiancheng Investment”) and Xiamen Yunneng Tianyu Investment Management Partnership (Limited Partnership) (referred to as “Tianyu Investment”).

Due to Tiancheng Investment and Tianyu Investment failing to meet their promised performance and not fulfilling their performance compensation obligations as stipulated in the agreement, the company filed an arbitration application with the Chengdu Arbitration Commission, while also applying to the People’s Court of the Sichuan Pilot Free Trade Zone for preservation measures against the properties of Tiancheng Investment and Tianyu Investment. On March 13, 2023, the company successfully froze 8,849,557 shares held by Tiancheng Investment and 2,528,445 shares held by Tianyu Investment.

On December 2023, the Chengdu Arbitration Commission issued a ruling on this case, with the main content as follows: after the company pays Tiancheng Investment and Tianyu Investment repurchase amounts of 0.21 yuan and 0.06 yuan respectively, Tiancheng Investment and Tianyu Investment must compensate the company for their shares of 5,789,841 shares and 1,654,272 shares respectively by February 1, 2024. If Tiancheng Investment and Tianyu Investment fail to fulfill these obligations on time, the company may require them to bear alternative liability for damages, which should be calculated as the average trading price of the company’s stock for the thirty trading days prior to February 1, 2024; within ten days from the receipt of the ruling, Tiancheng Investment and Tianyu Investment must return cash dividends for the compensatory shares to the company, amounting to 202,644.44 yuan and 57,899.52 yuan respectively; within ten days from the receipt of the ruling, Tiancheng Investment and Tianyu Investment must compensate the company for preservation fees and insurance fees of 65,823 yuan and 26,329 yuan respectively; the arbitration fee for this case is 1,019,295 yuan (which has been prepaid by the company), with the company bearing 254,824 yuan, Tiancheng Investment bearing 594,586 yuan, and Tianyu Investment bearing 169,885 yuan. Tiancheng Investment and Tianyu Investment must pay their respective arbitration fees to the company within ten days from the receipt of the ruling.

Given that Tiancheng Investment and Tianyu Investment have not fulfilled the effective ruling after the company paid the repurchase amounts, the company commissioned lawyers to apply for mandatory enforcement from the Chengdu Intermediate People’s Court, which was accepted.

Recently, the company received a “Execution Ruling” delivered by the Chengdu Intermediate People’s Court, which rejected the company’s enforcement application.

The Chengdu Intermediate People’s Court found that the shares held by the respondents Tiancheng Investment and Tianyu Investment had already been executed in another case before the applicant’s execution application. At the time of its application for execution, these shares no longer belonged to the respondents. The applicant, Xunyou Technology, did not provide evidence of other enforceable assets held by the respondents within the jurisdiction of the court, nor did it provide proof that the respondents’ domicile was within the jurisdiction of the court, thus the enforcement application did not meet the relevant judicial interpretation requirements, leading to the rejection of the company’s application.

It is noteworthy that all shares held by Tiancheng Investment and Tianyu Investment (a total of 11,378,002 shares, accounting for 5.6% of the company’s total share capital) were publicly auctioned on the Taobao judicial auction platform due to a financial loan contract dispute in January 2026, and were won by the highest bidder, Chongqing Maritime Tian Enterprise Management Co., Ltd. (referred to as “Maritime Tian”), which completed the transfer registration procedures on January 29, 2026.

Xunyou Technology stated that after the judicial auction of Tiancheng Investment and Tianyu Investment concluded, the company immediately negotiated with the buyer, Maritime Tian. To efficiently, legally, compliantly, and fairly resolve disputes and historical issues, the company has submitted an arbitration application to the Dazhou Arbitration Commission requesting Maritime Tian to fulfill performance compensation obligations on behalf of the original shareholders Tiancheng Investment and Tianyu Investment, which has been accepted. As of the date of this announcement, the case has been heard but has not yet been ruled on.

Xunyou Technology expressed that the company will further communicate with the relevant courts regarding the execution issues of this arbitration and does not rule out applying for a review from a higher court or submitting an execution application to the People’s Court at the domicile of Tiancheng Investment and Tianyu Investment or the location of the enforceable assets, as well as adding other respondents, while the company will continue to actively advance the arbitration process with Maritime Tian.

According to data, Sichuan Xunyou Network Technology Co., Ltd. was established in 2008 and is a provider of online game acceleration services. The company was listed on the Shenzhen ChiNext in May 2015 and is known as the “first stock in China’s game acceleration industry.” Its main business is to provide differentiated communication services for global internet users, currently focusing on providing network acceleration services for online games and other real-time interactive internet applications, as well as advertising display services and paid subscription businesses based on mobile internet applications.

According to the company’s third-quarter report for 2025, for the first three quarters of 2025, the company’s total operating revenue was 215 million yuan, a year-on-year decrease of 6.05%; net profit attributable to the parent company was 17.6653 million yuan, a year-on-year decrease of 19.93%; net profit excluding non-recurring gains and losses was 14.4779 million yuan, a year-on-year decrease of 18.6.

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