Cross-Border E-Commerce has lost a first-instance ruling in an equity transfer dispute and a creditor revocation rights dispute. The Shenzhen Intermediate People's Court in Guangdong Province dismissed all of the company's claims, with the amount involved being 259 million yuan. The company stated that this litigation currently has no impact on profits. As of now, Cross-Border E-Commerce and its subsidiaries have 14 other litigation and arbitration matters that have entered the enforcement stage, involving a total amount of 544 million yuan. Cross-Border E-Commerce's main businesses are cross-border export e-commerce and cross-border import e-commerce. In the first half of this year, it expects a net profit attributable to the parent company of between 175 million yuan and 200 million yuan, turning around from a loss year-on-year. The main reason is that its wholly-owned subsidiary Shenzhen Safu was removed from the balance sheet due to bankruptcy liquidation, recognizing an investment gain of approximately 160 million yuan to 170 million yuan, but this gain is non-recurring. The company's performance has been under pressure in recent years, with revenue declining for seven consecutive years and a net loss after deducting non-recurring items for seven consecutive years, accumulating a loss of over 8.1 billion yuan.
Global Top E Commerce Co LtdLost first-instance ruling in equity transfer dispute involving 259 million yuan, with 14 other litigation matters totaling 544 million yuan.
