Arcvideo Tech(SH:688039) Shang Hai Zheng Quan Bao·2025-11-25 19:13Core Viewpoint - The company, Hangzhou Donghong Technology Co., Ltd., is currently involved in a lawsuit initiated by Guangxi Broadcasting Network (Rights Protection) Technology Development Co., Ltd. regarding a project contract dispute, with the case being accepted by the court but not yet heard [2][3]. Group 1: Lawsuit Details - The lawsuit is at the stage where the court has accepted the case, and it has not yet been scheduled for a hearing [2]. - The company is in the position of a counter-defendant in the lawsuit [2]. - The amount involved in the lawsuit is approximately RMB 35.95 million, excluding legal fees and other costs [2]. Group 2: Background of the Case - The lawsuit stems from a project contract dispute related to a technical cooperation agreement signed on November 30, 2020, between the company and Guangxi Network Company [5]. - The company claims to have fulfilled its obligations under the agreement, providing all software products and services, which were accepted and have been operational since December 2020 [5]. - In December 2024, a rights and obligations transfer agreement was signed among the company, Guangxi Network Company, and Guangxi Broadcasting Technology Company, changing the project execution entity [5]. Group 3: Counterclaims and Requests - The counterclaim alleges that the software delivered by the company was substandard, with significant deficiencies in functionality and service [6]. - The counterclaim requests the court to terminate the original technical cooperation agreement, return the paid contract amount of RMB 8.672 million, and pay a penalty of RMB 6.504 million, along with compensation for losses totaling RMB 20.773 million [6]. Group 4: Financial Impact - The company has had some of its bank accounts frozen as a precautionary measure related to the lawsuit, with a total frozen amount of RMB 30 million, of which RMB 20.84 million is currently frozen [7]. - The frozen amount represents 1.80% of the company's latest audited net assets attributable to shareholders and 16.21% of the latest audited cash balance [7]. Group 5: Company Response - The company emphasizes that the lawsuit will not affect its daily operations and is committed to taking necessary legal measures to protect its rights and interests [8]. - The company will continue to disclose relevant information in accordance with the regulations of the Shanghai Stock Exchange [9].