According to the Financial APP, Ubox Online (02429) announced that on October 16, 2024, the company received an arbitration notice submitted to the China International Economic and Trade Arbitration Commission by Guangzhou Fuhong Asia Vets Technology Co., Ltd. (applicant) on October 10, 2024, accusing the applicant and the company (as the respondent) of various disputes arising from the investment agreement signed on June 15, 2021, governing the management and affairs of the company's subsidiary Shenzhen Youfu Tongxiang Trading Co., Ltd. (Shenzhen Youfu).

As of the date of this announcement, Shenzhen Youfu is owned by the company and the applicant with 51% and 49% equity respectively, and is accounted for as a subsidiary of the company. According to the notice, the applicant alleges that the company failed to acquire the 49% of the issued share capital of Shenzhen Youfu held by the applicant in accordance with the terms of the investment agreement. The applicant has made the following claims against the company:

(1) Total cost of the related equity amounts to RMB 0.145 billion; (2) Default interest on the cost of related equity shall be calculated at four times the current market interest rate reported by the loan market on the date of the notice, until fully repaid; (3) The applicant's legal fees total RMB 2 million; (4) The total cost of RMB 5000.00 and a deposit of RMB 62239.20 for the arbitration procedures; (5) The cost of the arbitration procedures.

The company is currently seeking legal advice on the above arbitration proceedings. As of the date of this announcement, to the knowledge of the board of directors of the company, the above arbitration proceedings have not had a significant adverse effect on the group's business and general operations. As of the date of this announcement, the group continues to operate as usual and its operational management remains stable.