Gelonghui, May 28, 丨 China Xincheng (01321.HK) announced matters relating to the acquisition. After the acquisition was completed, Hangzhou Oriental filed a lawsuit against Xincheng in China over the acquisition. Following court mediation, Hangzhou Dongfang and Xincheng of China signed a settlement agreement with Zhongan Shenglong, and the court informed the contracting party that the settlement agreement had entered into force on May 27, 2024.

According to the settlement agreement, the contracting party agreed (among others): (i) to pay RMB210 million to Hangzhou Dongfang in four instalments, with the final instalment to be paid on or before June 30, 2025; all shareholders' rights and interests relating to the 22.65% share in Zhejiang Xinnongdu will be owned by Anshenglong; and (ii) the compensation shares will be returned to Xincheng, China for cancellation.

The contracting party further agreed that after the settlement agreement entered into force and payment of RMB 210 million, (i) all disputes relating to the acquisition were resolved and settled; (ii) any claims and actions any party had or might have brought in connection with the acquisition were withdrawn; and (iii) court orders relating to the acquisition would not be enforced.