-- Announcement on Progress in Litigation
Securities code: 600807 Securities abbreviation: Jigao Development Announcement number: Lin 2025-052
Jinan High-tech Development Co., Ltd.
Litigation Progress Announcement
The company's board of directors and all directors guarantee that the contents of this announcement do not contain any false records, misleading statements or major omissions, and assume legal responsibility for the authenticity, accuracy and completeness of its contents.
Important content reminder:
The stage of the case: case filing and acceptance; first-instance judgment; second-instance judgment; execution
The company’s position as a party: plaintiff, defendant, appellant, person subject to execution
The housing sales contract dispute case is a first-instance judgment. The company has appealed. The judgment has not yet taken effect. The final judgment of the case is uncertain. The impact of this lawsuit on the company must be subject to the final effective judgment of the court. The first-instance judgment of the relevant securities misrepresentation liability dispute has taken effect, the second-instance case of the right of recourse dispute has taken effect, and the commercial housing pre-sale contract enforcement case has entered the execution process, which will have an adverse impact on the company. Other cases have not yet gone to trial, and there is uncertainty about their impact on the company. The company will carry out corresponding accounting treatments in accordance with the requirements of relevant accounting standards, and the final impact amount will be subject to the results of the annual audit and confirmation by the audit agency. The company will actively take effective measures to properly handle relevant litigation, strive to reduce the impact of the litigation, and safeguard the legitimate rights and interests of the company and all shareholders.
Recently, the company received relevant materials from the court. The situation is as follows:
1. Relevant litigation situations
(1) Progress of housing sales contract dispute cases
In the case of a contract dispute between Yang Haoyu and the company's wholly-owned subsidiary Shandong Yongan Real Estate Development Co., Ltd. ("Yongan Real Estate"), the Shandong Provincial Higher People's Court made a second-instance judgment and ruled to revoke the commercial housing sales contract signed by Yang Haoyu and Yongan Real Estate. Yongan Real Estate returned the purchase price to Yang Haoyu, Yang Haoyu returned the above 48 properties to Yongan Real Estate, and Yongan Real Estate compensated Yang Haoyu for economic losses. For details, see the company's Relevant announcements disclosed in designated media on February 28, 2020, October 14, 2020, January 30, 2021, and April 10, 2021. In April 2023, the company, Yongan Real Estate and Yang Haoyu signed a debt settlement agreement. The company acquired all the claims of Yang Haoyu against Yongan Real Estate under the above-mentioned court judgment. The purchase price was 47,542,545.65 yuan, and it was agreed to be paid in batches before December 31, 2024. The company has paid RMB 10 million within the agreed period. Because the company had not paid the relevant amounts, Yang Haoyu filed a lawsuit with the Jinan High-tech Industrial Development Zone People's Court (referred to as the "High-tech Zone Court"), requiring the company to pay a total of 49,517,987.65 yuan in credit transfer fees and interest, as well as liquidated damages and other related expenses. For details, please refer to the relevant announcements disclosed by the company in designated media on February 28, 2020, October 14, 2020, January 30, 2021, April 10, 2021, and March 8, 2025. Later, Yang Haoyu added the company's wholly-owned subsidiary Shandong Jian Enterprise Development Co., Ltd. (referred to as "Jian Enterprise") as a defendant. Recently, the company received a "Civil Judgment" from the High-tech Zone Court, which ordered the company to pay 45,001,942.65 yuan, economic losses, and liquidated damages, totaling approximately 53 million yuan, and rejected Yang Haoyu's other claims. The company has appealed, seeking to reduce the amount of compensation.
(2) Progress related to securities misrepresentation liability dispute cases
Shandong Huiduo Investment Co., Ltd. (hereinafter referred to as "Huiduo Company") filed a lawsuit with Jinan Intermediate People's Court of Shandong Province (referred to as "Jinan Intermediate Court") due to a securities misrepresentation liability dispute, requiring the company to pay infringement compensation of 10,525,288.51 yuan and related expenses. For details, please refer to the relevant announcement disclosed by the company on March 8, 2025. Recently, the company received a "Civil Judgment" from Jinan Intermediate People's Court, ruling that the company should compensate its investment losses of RMB 10,400,427.31. The company is currently negotiating a settlement plan with it and strives to reduce the amount of compensation.
Recently, Wei Shisheng sued the company to the Jinan Intermediate People's Court due to a liability dispute for securities misrepresentation, demanding a total of about 2,157,651 yuan in taxes and fees such as investment difference losses. The court has accepted the case.
(3) Progress of cases involving disputes over right of recourse
Due to the commercial housing sales contract dispute between Yongan Real Estate and Yang Kejun and five other people, in order to protect the company's interests, Yongan Real Estate filed a lawsuit with the People's Court of Lixia District, Jinan City, requesting Shandong Tianye Real Estate Development Group Co., Ltd. (referred to as "Tianye Group") to compensate for the economic losses in the above case. The court of first instance rejected Yongan Real Estate’s lawsuit. Yongan Real Estate appealed to Jinan Intermediate People's Court. For details, please see the company's filings on February 28, 2020, October 14, 2020, January 30, 2021, August 27, 2022, October 29, 2022, April 29, 2023, June 1, 2023, and June 2023. Relevant announcements disclosed on May 3, 2024, and April 30, 2025. Recently, Yongan Real Estate received a "Civil Judgment". The court of second instance held that there was no factual and legal basis for Yongan Real Estate to require Tianye Group to bear the losses caused by Yang Haoyu and others due to the performance of the effective judgment. The court dismissed the appeal and upheld the original judgment.
(4) Progress of commercial housing pre-sale contract dispute cases
Jia Zhongshe and 12 others sued the company's wholly-owned subsidiaries Dongying Lankai Real Estate Co., Ltd. ("Lankai Company") and Ji'an Enterprise Company to the Hekou District People's Court of Dongying City ("Hekou District Court") due to a dispute over the commercial housing pre-sale contract, requiring Lankai Company to terminate the commercial housing sales contract and return the purchase price, deposit totaling 3,165,516 yuan, as well as liquidated damages, expenses, etc. After the first instance of the Hekou District Court and the second instance of the Dongying Intermediate People's Court, Lankai Company and four of them were ordered to terminate the commercial housing sales contract (pre-sale), return the total purchase price of 950,483 yuan, and pay liquidated damages. The above four people have applied to the Hekou District Court for compulsory execution based on the effective judgment. The Hekou District Court has filed and accepted the remaining eight cases, and Lankai Company will take measures such as responding to the lawsuit to safeguard its legitimate rights and interests.
2. Impact on the company
The company has filed an appeal in the case of a house sales contract dispute. The judgment has not yet taken effect. There is uncertainty in the final judgment of the case. The final actual impact of this lawsuit on the company must be subject to the final effective judgment of the court. The first-instance judgment of the relevant securities misrepresentation liability dispute has taken effect, the second-instance dispute of the right of recourse has taken effect, and the commercial housing pre-sale contract dispute has entered the execution process, which will have an adverse impact on the company. Other cases have not yet gone to trial, and there is uncertainty about their impact on the company. The company will carry out corresponding accounting treatments in accordance with the requirements of relevant accounting standards, and the final impact amount will be subject to the results of the annual audit and confirmation by the audit agency. The company will actively take effective measures to properly handle the relevant litigation in the above cases, strive to reduce the impact of the litigation, and safeguard the legitimate rights and interests of the company and all shareholders.
The company's designated information disclosure media are "Shanghai Securities News", "China Securities News", "Securities Times" and the website of the Shanghai Stock Exchange. All relevant company information is subject to the information published in the above designated media.
Announcement is hereby made.
Board of Directors of Jinan High-tech Development Co., Ltd.
August 29, 2025