Zhitong Finance App News, Taihe Holdings (00718) issued an announcement. Guangzhou Rongzhi recently received a ruling from the Shenyang Intermediate People's Court of Liaoning Province on the loan borrowed by Shenyang Ruifan Public Facilities Management Co., Ltd. (Shenyang Ruifan's loan) and Guangzhou Rongzhi's lawsuit claim against Guangzhou Rongzhi for allegedly providing a guarantee for the loan (Shenyang Ruifan judgment). According to the Shenyang Ruifan ruling, the relevant Chinese court ordered the defendants in the lawsuit (including Mr. Dai, other Chinese companies, and Guangzhou Rongzhi) to pay the total judgment amount to the other claimant banks within three days after the effective date of the Shenyang Ruifan judgment, including outstanding principal plus interest and default interest up to May 29, 2023; and interest, default interest and damages arising from the maximum annual interest rate of 24% as determined by the relevant Chinese court from May 30, 2023 to the relevant China The court paid approximately RMB 800,000 in administrative expenses.

The company and Guangzhou Rongzhi are consulting the Chinese legal adviser (who was appointed to provide advice on the above lawsuit) and possible further legal action on the Shenyang Ruifan judgment.

Furthermore, trading continues to be suspended.