ST Busen announced that it has received a civil complaint from the Zhuji City People's Court, in which natural person Zuo Aihua has filed a lawsuit over a private lending dispute involving an amount of 32.97 million yuan, with a principal of 21.25 million yuan. The plaintiff claims that the two parties signed a Loan Agreement on September 30, 2022, with a principal of 21.25 million yuan and a term ending March 20, 2023, and that the company failed to repay the principal and interest as agreed, hence the lawsuit. The company stated that the case has not yet been heard, and the outcome of the litigation may affect its application for the removal of the delisting risk warning and other risk warnings. The company had previously submitted a removal application to the Shenzhen Stock Exchange, which is currently in the review and supplementary materials stage. Just two days before the litigation announcement, seven directors of the company resigned collectively, and director candidates nominated by the new controlling shareholder, Guangzhou Yanfeng Digital Technology Co., Ltd., will take over, with the actual controller changing to Wang Bo.
Zhejiang Busen Garments Co LtdA 32.97 million yuan loan lawsuit adds uncertainty to the removal of delisting risk warning, potentially delaying or preventing the delisting risk alert removal.