EV DYNAMICS (00476) and Subsidiary China Shipbuilding Industry Group Power Receive Statutory Demand Letters

Stock News

2025/12/24

EV DYNAMICS (00476) announced that it and its wholly-owned subsidiary, China Shipbuilding Industry Group Power Co., Ltd. (China Power), each received a statutory demand letter dated December 24, 2025, from legal advisors acting on behalf of creditors. The letters, collectively referred to as "the Statutory Demand Letters," demand that EV DYNAMICS (as guarantor) and China Power (as primary obligor) repay a total of RMB 38.9672 million within three weeks of the service date. The amount covers the consideration, penalties, and compensation paid by the buyer under a sale agreement dated June 2, 2023. Failure to repay may result in creditors filing winding-up petitions against EV DYNAMICS and China Power, respectively. This follows an earlier arbitration ruling by the Chongqing Arbitration Commission regarding the sale of all equity in Chongqing Zhongtong New Energy Vehicle Technology Co., Ltd.

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