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Jiu Rong Holdings Updates on Litigation: Assigns RMB42 Million Creditor’s Rights to Partly Settle RMB230 Million Loan with Westlake Electronics

Bulletin Express
Jul 15

Jiu Rong Holdings Limited has disclosed progress on the lawsuit brought by Westlake Electronics Group Co., Ltd., confirming a new execution settlement that partially offsets a disputed RMB230.00 million loan.

Key details

1. Litigation background • In March 2024, subsidiary Jiu Rong New Energy Science and Technology Limited obtained a RMB230.00 million loan from Westlake Electronics. • On 11 May 2026, Westlake Electronics sued three Jiu Rong subsidiaries—Jiu Rong New Energy, Hangzhou Lu Yun Property and Soyea Jiu Rong Technology—demanding repayment of principal, interest, default penalties and related costs (Case No. (2026) Zhe 01 Min Chu No. 765). • A Civil Mediation Statement dated 19 May 2026 required Jiu Rong New Energy to repay the full amount plus charges in 50 instalments, with the last payment due on 30 June 2030.

2. Execution settlement highlights (signed 14 July 2026) • As Jiu Rong New Energy fell behind on scheduled repayments, Westlake Electronics obtained court approval for compulsory execution (Case No. (2026) Zhe 01 Zhi No. 1265). • To reduce the outstanding principal, Jiu Rong New Energy will transfer creditor’s rights of approximately RMB42.00 million against Hangzhou West Lake New Energy Technology Co., Ltd. to Westlake Electronics. • The RMB42.00 million receivable originates from an asset sale dated 21 October 2025, when Jiu Rong New Energy sold operating assets of 11 public transportation charging stations to Hangzhou West Lake New Energy. • Westlake Electronics will assist with changing the mortgage registration over these 11 charging stations. Failure to complete the agreed transfer would allow Westlake Electronics to seek an execution auction of the assets.

3. Remaining collateral Assets other than the 11 charging stations remain subject to standard court execution procedures until the full debt is settled.

4. Impact assessment The board considers the creditor’s-rights assignment beneficial for easing short-term debt pressure and optimizing the Group’s liability profile. Negotiations with Westlake Electronics on remaining obligations will continue, and further disclosures will be made in line with Hong Kong Listing Rules.

Shareholders and potential investors are advised to exercise caution when dealing in Jiu Rong Holdings’ shares.

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