Mei Ri Jing Ji Xin Wen·2025-04-26 15:45Core Viewpoint - The dispute between Sanyuan Co., Ltd. and ST Xinya revolves around a 7 billion RMB acquisition, leading to legal proceedings due to payment issues and alleged misrepresentation of production capacity [1][2][11]. Group 1: Acquisition Details - In December 2022, Sanyuan Co., Ltd. announced the transfer of 51% equity in Sanyuan New Materials to ST Xinya for 7.04 billion RMB, reducing Sanyuan's stake from 82.25% to 31.25% [3][6]. - The transaction was based on a valuation of 13.8 billion RMB for 100% of Sanyuan New Materials, reflecting a 115% increase over the net asset value as of August 31, 2022 [6][7]. Group 2: Payment Issues - ST Xinya paid 3.59 billion RMB as the first installment by February 2023 but failed to pay the remaining 3.45 billion RMB by the agreed deadline of June 30, 2023, which was later extended to June 30, 2024 [1][7][8]. - Following the missed payment, Sanyuan Co., Ltd. initiated legal action and froze ST Xinya's assets [8]. Group 3: Legal Proceedings - ST Xinya filed a lawsuit claiming Sanyuan Co., Ltd. did not disclose the actual production capacity of lithium hexafluorophosphate, seeking a refund of part of the paid equity transfer price and damages totaling approximately 1.66 billion RMB [11][12]. - In response, Sanyuan Co., Ltd. counter-sued for the remaining payment of 2.45 billion RMB plus penalties, totaling 3.35 billion RMB [11][12]. Group 4: Production Capacity Dispute - The core issue in the legal dispute is the alleged misrepresentation of Sanyuan New Materials' production capacity, specifically regarding a planned 4,000-ton capacity for lithium hexafluorophosphate [13][14]. - Sanyuan Co., Ltd. asserts that the production capacity was clearly stated as a project in progress, with a trial production period set, and claims that ST Xinya's lawsuit is an attempt to evade payment obligations [13][14].