Zhongzhou Special Materials Subsidiary Has Some Assets Frozen and Seized Over Sales Contract Dispute

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Zhongzhou Special Materials wholly-owned subsidiary Jiangsu New Zhongzhou has had part of its bank account balances frozen, totaling 4.48 million yuan, and its land use rights and properties in Dongtai Economic Development Zone seized by a court, with a seizure period of three years, due to a sales contract dispute with Shanghai Ruihao Petroleum Equipment. Shanghai Ruihao applied for property preservation amounting to 19.66 million yuan, representing 1.78% of the company's latest audited net assets. The company stated that the freeze will not affect capital turnover, the seized assets are not restricted from normal use, and there will be no material adverse impact on daily operations, but the impact on profit and loss remains uncertain.

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江苏新中洲特种合金材料有限公司Private▼ Negative
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Subsidiary's bank accounts frozen and assets seized due to dispute.

上海芮豪石油设备有限责任公司 (Shanghai Ruihao Petroleum Equipment Co Ltd)Private▲ Positive
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Shanghai Ruihao obtained property preservation order against the subsidiary.

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