*ST Meigu's major litigation case concludes with enforcement, involving nearly 215 million yuan in debt

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*ST Meigu (stock code: 000615) recently announced that a significant financial loan contract dispute involving the company has entered the termination execution procedure. This case originates from the loan contract dispute between the company’s holding subsidiary Hubei Jinhui Green Fiber Co., Ltd. (referred to as “Jinhui Green Fiber”) and the Xiangyang Branch of Bank of China Ltd. (referred to as “Bank of China Xiangyang Branch”), involving a total amount of approximately 215 million yuan, including principal and interest.

The announcement shows that the Bank of China Xiangyang Branch had previously filed a lawsuit with the Intermediate People’s Court of Xiangyang City, Hubei Province (referred to as “Xiangyang Intermediate Court”) due to the financial loan contract dispute, requesting a judgment ordering Jinhui Green Fiber to repay the principal of 225.3952 million yuan along with corresponding interest, compound interest, and penalty interest, and requiring each guarantor to fulfill their guarantee responsibilities. After negotiation, all parties signed a “Mediation Agreement,” and the Xiangyang Intermediate Court issued a “Civil Mediation Document” based on this, stipulating that Jinhui Green Fiber should repay the debt of approximately 212.0312 million yuan by March 7, 2025.

However, Jinhui Green Fiber failed to fulfill its repayment obligations on time. In March 2025, the Xiangyang Intermediate Court delivered an “Execution Notice” to the company, requiring Jinhui Green Fiber to repay the principal of 187.5079 million yuan and interest, penalty interest, and compound interest totaling 27.14 million yuan as of March 7, 2025, and to pay subsequent corresponding interest and double debt interest during the delay period. Subsequently, 21 commercial service real estate properties and attached objects owned by Jinghan Real Estate Group Co., Ltd. that served as collateral were judicially auctioned and failed to sell. In December 2025, due to the company’s entry into bankruptcy reorganization, the Xiangyang Intermediate Court ruled to suspend the execution against the company.

Regarding the reason for the termination of this execution, the Xiangyang Intermediate Court pointed out in the latest “Execution Ruling” that after exhausting property investigation measures, no other executable property of the person subject to execution was found, and the applicant for execution also failed to provide other executable property. Therefore, according to relevant legal provisions, the court ruled to terminate this execution procedure. If the applicant discovers executable property of the person subject to execution, they may reapply for execution.

*ST Meigu stated that the company’s reorganization plan has been fully executed and will handle financial matters based on relevant provisions of enterprise accounting standards and the actual situation of the case and reorganization at that time. The specific handling results and their impact on the company’s year-end performance will be subject to the final annual audit results from the accounting firm. The company will continue to monitor the subsequent progress of the relevant litigation and strictly fulfill its information disclosure obligations in a timely manner according to relevant regulations.

The following are the main time nodes of this litigation matter:

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Editor: Xiaolang Express