Maohua Shihua Wins Second Instance in 100 Million Yuan Loan Lawsuit, Court Rejects Baixin Ocean's Request to Revoke Resolution

Regulation
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Maohua Shihua has won the second instance in a 100 million yuan loan dispute. The Beijing Second Intermediate People's Court rejected the appeal by minority shareholder Baixin Ocean. The case originated from a shareholders' meeting of Xinwoda on May 27, 2025, which passed a resolution to provide a 100 million yuan loan to Maohua Shihua. Baixin Ocean, holding a 15 percent stake, argued that Maohua Shihua, which holds 85 percent, should have recused itself from voting, and sought to revoke the resolution and recover the loan. The first-instance court had already dismissed Baixin Ocean's lawsuit. The second-instance court found that, in the absence of provisions in law or the company's articles of association, Baixin Ocean's claim to revoke the resolution lacked basis. Maohua Shihua previously stated that the loan constitutes internal fund flows within the consolidated financial statements and has little impact on profits.

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北京佰信海洋科技有限公司Private▼ Negative
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Lost appeal; court rejected its request to revoke resolution and recover loan.

北京信沃达海洋科技有限公司Private± Mixed
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Company's shareholders' meeting resolution upheld; loan to majority shareholder stands.

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