ST Qihuan announced that its associate subsidiary Soundon New Energy Technology Company was recently ruled by the Xiangtan Intermediate People's Court in Hunan Province to terminate its restructuring process and be declared bankrupt. The company holds a 22.7673 percent stake in Soundon New Energy, and this associate company is not included in the consolidated financial statements. The company stated that this bankruptcy matter does not have a material impact on its production, operations, or business, and will not significantly affect its ability to continue as a going concern. As of the announcement date, the company's remaining guarantee balance for Soundon New Energy is 271.6654 million yuan, and this guarantee has not yet been released.
Tus-Sound Environmental Resources Co LtdAssociate subsidiary declared bankrupt, with remaining guarantee of 271.67 million yuan not yet released, though company claims no material impact.
