GLCC(SH:600234) Xin Lang Cai Jing·2025-08-28 13:36Core Viewpoint - Shanxi Kexin Development Co., Ltd. has announced significant litigation developments involving its subsidiary, Shenzhen Tida Decoration Engineering Co., Ltd., which has entered the enforcement stage of a court ruling [1] Summary by Sections Litigation Background - In March 2024, the Nanshan District People's Court in Shenzhen issued a civil judgment in a construction contract dispute between Shenzhen Tida Decoration Engineering Co., Ltd. and Shenzhen Laihua Real Estate Co., Ltd. The court ordered Laihua Real Estate to pay Tida Decoration an amount of 130,002,183.53 yuan within ten days of the judgment becoming effective, along with overdue payment penalties [2] Latest Litigation Developments - Due to Laihua Real Estate's failure to fulfill its payment obligations on time, Tida Decoration applied for enforcement, leading the court to issue an enforcement ruling. This ruling includes freezing and allocating Laihua Real Estate's deposits, seizing equivalent income, or confiscating equivalent assets, totaling approximately 152,280,383.99 yuan, which includes the confirmed amounts, interest, and execution costs [3] Impact on Company Profits - Kexin Development has made provisions for bad debts in accordance with relevant accounting standards. Given that the case is currently in the enforcement stage, the execution's uncertainty may impact the company's current and future profits. The company will handle accounting in accordance with accounting standards and actual circumstances, fulfilling its disclosure obligations [4]