Chongqing Wanli New Energy received an arbitration execution payment of over 41.91 million yuan.

Chongqing Wanli New Energy Co., Ltd. recently received a transfer of arbitration case execution funds amounting to 41,910,290.85 yuan from the Fifth Intermediate People's Court of Chongqing. On March 17, 2023, the company initiated arbitration proceedings against Liu Xichen, Qiu Xiaowei, and Chongqing Tongzheng Industrial Co., Ltd. for failing to fulfill their obligation to make up for investment losses as scheduled. The arbitration proceedings were officially initiated on June 30. From 2017 to 2018, the company incurred investment losses of 127.11 million yuan in the trading of Terui Battery Company's shares. According to the agreement, Liu Xichen and Qiu Xiaowei promised to make up for the losses, with Tongzheng Industrial providing collateral guarantees. As of the date of the announcement, the company has no other significant lawsuits or arbitration matters that have not been disclosed. The impact of this execution funds on profits will be based on the audit results, and the company will continue to proceed with subsequent executions.