TUS-EST(SZ:000826) Shang Hai Zheng Quan Bao·2025-06-02 20:29Core Viewpoint - The announcement details the judicial transfer of 93.419% equity of Zhejiang Qidi Ecological Technology Co., Ltd. from Qidi Environment to Ningbo Hangzhou Bay New Area Renbao Yuanwang Qidi Ke Fu Equity Investment Center (Limited Partnership) due to a court ruling related to unpaid equity transfer payments [1][2][4]. Group 1: Litigation Progress - In 2018, Qidi Environment signed agreements to acquire 100% of the equity of Puhua Environmental Co., Ltd. for a cash payment of 1.3 billion yuan, with a transfer payment of 841.0187 million yuan owed to Renbao Fund [1]. - Due to failure to complete the payment, Renbao Fund filed a lawsuit in July 2022, seeking the remaining payment of 471.0187 million yuan and penalty fees for delayed payment [2]. - The Beijing Financial Court issued a civil judgment in October 2024, leading to the freezing of Qidi Environment's 60% equity in Puhua Water Technology Group and 93.419% equity in Zhejiang Qidi [2][4]. Group 2: Judicial Auction and Transfer - A public auction for the frozen 93.419% equity of Zhejiang Qidi was held from March 31 to April 1, 2025, but it failed due to no bids [3][4]. - Following the auction, the equity was judicially transferred to Renbao Fund on May 28, 2025, as per the court's execution ruling [3][4]. Group 3: Financial Impact - After the judicial transfer, Qidi Environment will no longer hold equity in Zhejiang Qidi, which will no longer be a consolidated subsidiary [8]. - The estimated impact on Qidi Environment's investment income from this equity transfer is approximately -207.2171 million yuan, based on the difference between the net asset value and the auction price [8].