Runbang Co., Ltd. concludes execution of the 589 million yuan performance compensation lawsuit; the court found no assets available for enforcement from the respondent.

Jiangsu Runbang Heavy Industry Co., Ltd. (stock abbreviation: Runbang Shares, stock code: 002483) recently announced that two performance commitment compensation lawsuits involving the company have entered the termination execution procedure. As the court found no enforceable assets belonging to the performance commitment party, Wang Chunshan, the total performance compensation amount of 58,853,010 yuan from the two cases will temporarily be unrecoverable.

The announcement indicates that Runbang Shares previously filed lawsuits against Wang Chunshan for failing to fulfill his performance compensation obligations in the People’s Court of Nantong Economic and Technological Development Zone and the Intermediate People’s Court of Nantong City, Jiangsu Province, with the amounts involved being 32,646,721.77 yuan and 555,883,407.09 yuan, respectively, totaling 58,853,010 yuan. The company had previously obtained civil judgment documents from the court regarding the relevant cases and applied for compulsory execution.

During the execution process of the cases, the Execution Bureau of the People’s Court of Nantong Economic and Technological Development Zone did not find any enforceable assets belonging to Wang Chunshan and has legally implemented measures such as consumption restrictions against him. Recently, the company received two “Execution Rulings” issued by the court, which ruled to terminate the execution procedures for civil judgment number (2023) Su 0691 Min Chu 3018 and civil judgment number (2024) Su 06 Min Chu 171.

Regarding the impact of the cases on the company, Runbang Shares stated that the amount involved in the 32,646,721.77 yuan case had already been provisioned for bad debts in previous years, while the performance compensation amount of 555,883,407.09 yuan has not been recognized as compensation income and is only treated as an off-balance-sheet reference matter. Therefore, this termination of execution does not have a significant impact on the company’s current or future financial statements. The company also stated that if any clues regarding other enforceable assets belonging to Wang Chunshan are discovered in the future, it will immediately apply to the court to resume execution.

As of the date of this announcement, Runbang Shares and its holding subsidiaries do not have any other significant lawsuits and arbitration matters that should be disclosed but have not been disclosed.

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