FINWIRES · TerminalLIVE
FINWIRES

Ningbo Shanshan, Subsidiaries Face Court Charges Over 1.95 Billion Yuan Private Lending Dispute

By

Ningbo Shanshan's (SHA:600884) two subsidiaries, as well as parent company Shanshan Holding, face charges in a court in Kunming, China, over a private lending dispute worth 1.95 billion yuan, according to a Friday filing with the Shanghai bourse.

Plaintiffs Yunnan Jinyuan Equity Investment Fund Management, Yunnan Dianzhong New Area Equity Investment, Kunming Industrial Development Equity Investment Fund Partnership, and Anning Development Investment are demanding immediate repayment of about 1.78 billion yuan in principal plus accrued interest of about 88 million yuan and late penalties of about 89 million yuan.

Defendants Shanghai Shanshan Lithium Battery Material Technology and Yunnan Shanshan New Materials, alongside the parent company Shanshan Holding, Ningbo Qinggang Investment, and other individuals, said the case is baseless as the subsidiaries were not signatories to the loan and have not utilized the funds, the company said in its filing.

Related Articles

Treasury

Metech International Granted Interest-Free Loan from Controlling Shareholder

Metech International (SGX:V3M) was extended an interest-free loan of up to SG$3 million from controlling shareholder, Cao Shixuan, according to a Wednesday filing with the Singapore Exchange.The loan will be used for business diversification and general working capital, and will mature 12 months from the agreement date.

SGX:V3M
Treasury

Update: Chorus Acknowledges New Zealand Government's Deal to Monetize Debt

(Update to add information about the transfer of the equity securities in the fifth paragraph.)Chorus (ASX:CNU, NZE:CNU) acknowledged the New Zealand government's binding agreements to monetize the debt it holds in the company, according to a Friday filing with the Australian and New Zealand bourses.In a same-day statement, the government said it decided for the early monetization of interest-free loans provided to Chorus between 2012 and 2023 rather than waiting until 2036 to be fully repaid.The loans had a book value of NZ$642 million, and the transaction will deliver net proceeds to the Crown of about NZ$702 million, representing a gain over book value of NZ$60 million, New Zealand Finance Minister Nicola Willis said.The Ultra-Fast Broadband securities are not ordinary shares and their early monetization will not change the ownership of Chorus. Settlement of the deal is expected this month.Chorus confirmed in a separate filing that 117.6 million Chorus UFB1 equity securities with a face value of NZ$117.6 million, and 95.6 million Chorus UFB2 equity securities with a face value of NZ$95.6 million were transferred from National Infrastructure Funding and Financing to Accident Compensation Corporation.

ASX:CNUNZE:CNU
Treasury

Huatai Securities Unit Issues $20 Million in Bonds Under Debt Program

Huatai Securities' (SHA:601688, HKG:6886) indirectly wholly-owned special purpose vehicle Huatai International Finance issued two tranches of bonds for $20 million, according to a Friday filing with the Shanghai Stock Exchange.The SPV's parent and direct subsidiary of the listed company, Huatai International Financial, is the guarantor of the issuance.The issuance is part of a $3 billion debt program launched in 2020.

HKG:6886SHA:601688