Financials, Automotive Oct 12, 2021 05:12 PM (GMT+8) · EqualOcean
Financial Associated Press, October 12 - huanrui century announced that the company received a notice from the shareholder Huanrui united, and huanrui United reached a settlement with the pledgee Founder Securities on the litigation matters. The lawsuit involved a dispute over overdue breach of equity pledge repurchase between Huanrui united, a shareholder of the company controlled by the original actual controller of the company, and Founder Securities, with the subject amount of about 640 million yuan. On September 29, Founder Securities, the executor, and Huanrui united, the executee, reached an execution settlement agreement. According to the agreement, Zhao Zhicheng and others provided execution guarantee, and Founder Securities agreed to extend the performance of the debts involved for three years. The company said that the settlement alleviated the risk of forced liquidation of the company's shares held by huanrui United due to pledge default.