BEZ(SH:600658) Mei Ri Jing Ji Xin Wen·2025-11-13 07:32Core Viewpoint - The company Kunming Electronic City has filed a lawsuit against two parties due to the non-fulfillment of a five-year-old agreement, seeking a total of 777 million yuan in claims, primarily for a buyback payment of 684 million yuan from Yunnan Huigang Investment Co., Ltd. [1][2][3] Group 1: Legal Proceedings - Kunming Electronic City received a case acceptance notice from the Kunming Intermediate People's Court on November 10 [1] - The lawsuit was initiated on November 5, following a board meeting on August 15 that approved the legal action for debt resolution [2] - The main claim involves a buyback contract signed on October 12, 2020, which has not been executed, leading to significant breaches by Huigang Investment [3] Group 2: Financial Implications - The disputed amount of 777 million yuan includes a specific claim for 684 million yuan related to the buyback payment [2] - In the 2025 semi-annual report, the company reported a receivable of 684 million yuan from a client, which matches the amount owed by Huigang Investment [4] - Kunming Electronic City has made a provision for bad debts amounting to 205 million yuan, reflecting a 30% provision rate for expected recoverability [4] Group 3: Company Background - Kunming Electronic City is a subsidiary of Electronic City, and Huigang Investment is a wholly-owned subsidiary of Kunming Airport Investment Development Group, which has total assets exceeding 40 billion yuan [5][6] - The Airport Investment Group is a significant investment and operational entity in the Yunnan region, with a total asset value of 433 billion yuan as of the end of 2024 [5] - The group has reported a slight decline in revenue for the first half of the year, with total revenue of 469 million yuan and a net profit of approximately 23 million yuan [8]