Jiu Rong Holdings Ltd. said it is involved in five loan-related legal proceedings brought by Hangzhou United Rural Commercial Bank against several group subsidiaries in the People’s Court of Xihu District, Hangzhou. The cases relate to alleged defaults on interest or principal payments, with total loan principal of about RMB281.37 million and claimed amounts of roughly RMB282.94 million, and have led to the freezing of bank accounts totaling around RMB12.72 million. The company said it is in talks with the bank and the court to reach a mediated settlement and seek the early release of the frozen accounts, while warning the disputes could increase finance costs and pressure cash flow if not resolved.

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