Xiangyang Bearing announced that today through the official WeChat account of the Wuhan Intermediate People's Court, the company's actual controller Jia Zhihong and its subsidiaries, Wuhan Jinhuang Jewelry Co., Ltd., Wuhan Jinhuang Industrial Group Co., Ltd., had a public verdict in the case of contract fraud, loan fraud, illegal issuance of loans, bribery by non-state workers, bribery of non-state workers, embezzlement of positions, and counterfeiting of registered trademarks by the Wuhan Intermediate People's Court on May 28, 2024. In the first instance, the Wuhan Intermediate People's Court sentenced Jia Zhihong to life imprisonment, confiscation of all personal assets, deprivation of political rights for life, and corresponding fines on Wuhan Jinhuang Jewelry Co., Ltd. and Wuhan Jinhuang Industrial Group Co., Ltd. for contract fraud, the crime of taking bribes from non-state workers, and the crime of paying bribes to non-state workers.