Tianwo Technology's 710 million yuan performance compensation payment faces obstacles; the court rules to terminate this enforcement procedure.

Suzhou Tianwo Technology (Rights Protection) Co., Ltd. (Stock code: 002564, abbreviated as “Tianwo Technology”) recently released a major update on litigation progress. The Company and China Energy Engineering Group Co., Ltd., together with five other performance commitment parties, in the lawsuit over 710 million yuan in performance compensation has entered the enforcement stage, but because no enforceable property of the judgment debtor was found, the court has ruled to terminate this enforcement process.

According to the announcement, Tianwo Technology has had a dispute with the performance commitment parties regarding performance compensation issues related to its former subsidiary, Zhongji Guoneng Electric Power Engineering Co., Ltd. The Company filed a lawsuit with the Suzhou Municipal Intermediate People’s Court in April 2024, requesting the performance commitment parties to pay 1.804 billion yuan in compensation. In April 2025, the court of first instance ruled that the five defendants, in total, should pay compensation of 710,705,770.57 yuan (about 711 million yuan) to the Company. Afterwards, because the defendants failed to pay the appeal filing fees within the prescribed time limit, the Jiangsu Provincial Higher People’s Court ruled to treat the appeal as automatically withdrawn, and the first-instance judgment became effective.

Because the judgment debtors failed to fulfill the obligations under the effective legal documents, Tianwo Technology applied to the court for compulsory enforcement. During the enforcement process, the court took multiple measures, including sending execution notices to the judgment debtors, querying property through the online enforcement and property investigation and control system, placing some equities under “waiting for seizure” seizure, deducting a small amount of bank deposits to pay for enforcement fees, and imposing measures to restrict consumption and restrict departure from the country on the judgment debtors.

After investigation, the property status of each judgment debtor is as follows:

As of now, the enforcement target of this case—711 million yuan in compensation and interest—has actually been enforced to 0 yuan, and only 676,900 yuan in enforcement fees has been collected. The remaining compensation and interest, as well as some enforcement fees, have not yet been enforced. The court holds that no other assets available for enforcement have been found for the judgment debtors, and the applicant has not provided other property leads; therefore, it has ruled to terminate this enforcement process. Tianwo Technology has the right to request the judgment debtors to continue fulfilling their debts, and may apply to resume enforcement when it discovers that the judgment debtors have property available for enforcement.

Tianwo Technology stated that by the end of 2023, it had fully made a provision for bad debts corresponding to the above performance compensation of 1.757 billion yuan as other receivables, and the book value is 0. At present, it is temporarily unable to determine the impact of this matter on the Company’s current-period profit and future-period profit. Although the judgment result of this performance compensation lawsuit has become effective, whether the Company can receive the corresponding funds still remains uncertain.

In addition, the announcement also disclosed three other bill dispute lawsuits of the Company and its controlling subsidiaries that have not yet been disclosed. The amounts involved are 1.0 million yuan, 800,000 yuan, and 300,000 yuan, respectively. All of them have been accepted in March 2026, and the cases have not yet been heard or concluded. The impact on the Company’s profits is uncertain.

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Responsible editor: Xiao Lang Express