SH ELECTRIC Subsidiary SECT Cleared as Jiangsu Zhongli Withdraws RMB544.35 Million Lawsuit

Bulletin Express

Oct 08

Shanghai Electric Group Company Limited (SH ELECTRIC) reported that its 40 %-held subsidiary, Shanghai Electric Communication Technology Co., Ltd. (SECT), has received a civil ruling from the Shanghai Yangpu District People’s Court approving Jiangsu Zhongli Group Co., Ltd.’s withdrawal of litigation seeking approximately RMB 544.35 million in goods-payment, interest and legal fees.

The dismissed action traces back to an October 2021 claim in which Jiangsu Zhongli demanded about RMB 545.08 million from SECT under 12 domestic raw-material purchase contracts. Although the suit was initially withdrawn in July 2022, Jiangsu Zhongli re-filed it days later, prompting the court to suspend proceedings pending the outcome of a related case. The latest ruling now formally concludes the matter in SECT’s favour through Jiangsu Zhongli’s voluntary withdrawal.

Shanghai Electric stated it will continue to fulfil its disclosure obligations regarding any further developments. Shareholders and potential investors are advised to exercise caution when dealing in the company’s securities.

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