Beijing Xunzhong Hit With 181 Million Yuan Computing Power Contract Lawsuit
Beijing Xunzhong Communication Technology (HKG:2597) is facing a lawsuit seeking 181.2 million yuan in liquidated damages over a computing power services agreement, according to a Tuesday Hong Kong bourse filing.Qingdao Guoshi Data Service asked the Qingdao Intermediate People's Court to terminate the contract and order Xunzhong to pay damages.The dispute stems from a December 2025 agreement under which Xunzhong was to provide 256 high-performance intelligent computing node servers and related services.The company said U.S. export controls on Nvidia chips disrupted supply and prevented its upstream suppliers from fulfilling their obligations, leading Xunzhong to terminate the agreement in January.The court has frozen company assets under pre-litigation preservation procedures, including bank accounts with balances totaling about 16.1 million yuan and the equity interest in wholly owned subsidiary Beijing Zhongmai Communication Technology, the filing said.Xunzhong said the case has not adversely affected its operations or financial position and that the first hearing is scheduled for June 17.
