Harbin Railway Technology's wholly owned subsidiaries and branch offices involved in a 69.79 million yuan contract dispute lawsuit

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Harbin National Railway Technology Group Co., Ltd. (Stock Code: 688459, Stock Abbreviation: Harbin Railway Technology) announced on March 21 that its wholly-owned subsidiary, National Railway Printing Co., Ltd., and its Sanhe branch recently received a civil complaint and summons delivered by the People’s Court of Tongzhou District, Beijing, due to a contract dispute initiated by Beijing Baohong Special Paper Co., Ltd., involving an amount of 69.7941 million yuan. The case has been accepted and has not yet gone to trial.

The announcement indicates that this lawsuit stems from the “Technical and Production Cooperation Agreement” signed on December 30, 2014, between National Railway Printing (formerly known as China Railway Publishing House Printing Factory) and Beijing Baohong Special Paper Co., Ltd. According to the agreement, National Railway Printing should ensure that the procurement volume of magnetic card paper in 2015 is no less than 400 tons, and the procurement volume in subsequent years is no less than 600 tons, with a validity period of 10 years. The plaintiff claims that during the period from 2020 to 2024, National Railway Printing only procured 434.041 tons of magnetic card paper, which is 2565.959 tons less than the minimum procurement volume stipulated in the agreement, resulting in a cost difference of 69.7941 million yuan. Furthermore, National Railway Printing has engaged in procurement from third parties, which constitutes a breach of contract; thus, they are seeking compensation for the aforementioned losses and to bear the related litigation costs.

Harbin Railway Technology stated that as of the date of this announcement, the lawsuit has not yet gone to trial, and the outcome of the litigation is uncertain. The amount involved is merely the plaintiff’s claim, and it is currently impossible to estimate the potential impact of this significant lawsuit on the company’s current or future profits. The company will carry out appropriate accounting treatment based on the relevant accounting standards and the outcome of the case, and will closely monitor subsequent developments, fulfilling its information disclosure obligations in a timely manner.

In addition, the announcement mentions that as of the date of this announcement, the company and its controlling subsidiaries do not have other significant lawsuits or arbitration matters that should be disclosed but have not been disclosed.

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Editor: Xiao Lang Kuai Bao