Financials, Consumer Staples Aug 04, 2021 06:34 PM (GMT+8) · EqualOcean
St Huading announced that the stores involved in multiple brands of tongtuo technology, a wholly-owned subsidiary of the company, were suspended by Amazon and the funds were frozen. After investigation, the reason may be improper comments on some products, suspected of violating Amazon platform rules. As of the date of this announcement, tongtuo technology has been banned from selling and closed a total of 54 stores, suspected of freezing funds of RMB 41.43 million, accounting for 4.27% of the company's monetary funds at the end of 2020. Tongtuo technology has filed a complaint with Amazon platform, striving to restore the sales of relevant brand stores as soon as possible, lift the capital freeze, and hired a professional lawyer to prepare for arbitration.
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