DCWT (03768) Listed as Subject to Enforcement, Company and Legal Representative Zeng Feng Face Consumption Restrictions

Stock News
Dec 02

DCWT (03768) announced that it has been listed as a subject to enforcement, and both the company and its legal representative, executive director, and chairman Mr. Zeng Feng have been subjected to consumption restrictions. According to information published on China's enforcement disclosure platform, the Kunming Chenggong District People's Court issued the restrictions due to the company's failure to fulfill its payment obligations (amounting to approximately RMB 20.81 million) in a construction contract dispute case filed by Guizhou Construction Engineering Group No. 4 Company.

The restrictions prohibit the company and Mr. Zeng Feng from engaging in high-consumption or non-essential activities, including: (i) traveling by airplane, soft sleeper train, or second-class or above ship cabins; (ii) high-end consumption at star-rated hotels, nightclubs, or golf courses; (iii) purchasing real estate or undertaking high-end renovations; (iv) renting premium office spaces or apartments; (v) buying non-essential vehicles; (vi) tourism or vacations; (vii) enrolling children in expensive private schools; (viii) purchasing high-premium insurance or wealth management products; and (ix) taking first-class or above seats on high-speed trains.

The restrictions take effect immediately upon issuance and will be lifted once the legal obligations are fulfilled. The company stated it is actively communicating with relevant parties regarding the case and will monitor developments while fulfilling disclosure obligations in compliance with regulations.

DCWT clarified that this case is unrelated to the previously disclosed litigation involving Guizhou Construction Engineering Group, for which a cash payment plan is currently under discussion. The company emphasized that these measures will not affect its normal operations or core business sustainability. As of the announcement date, operations remain unaffected.

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