Core Viewpoint - Minsheng Education (01569) is involved in an arbitration case managed by the Hong Kong International Arbitration Centre (HKIAC) regarding a dispute over a share purchase agreement (SPA) related to the sale of a 49% stake in Leed International Education Group Limited [1] Group 1 - The arbitration involves Minsheng Vocational Education Limited (the respondent) and Leed Education Holding Limited, National Education Holding Limited, and Hyde Education Holding Limited (collectively the claimants) [1] - A partial ruling was made by HKIAC on February 6, 2026, ordering the respondent to fulfill the terms of the SPA and pay damages for any violations, along with other reliefs including interest [1] - Minsheng Vocational Education is seeking legal advice regarding the partial ruling and reserves all rights to take necessary and appropriate actions concerning the arbitration and subsequent final ruling [1]

Core Viewpoint - The arbitration ruling requires Inner Mongolia Boyuan Chemical Co., Ltd. to pay a total of approximately RMB 1.89 billion to Mengda Mining for the difference in exploration rights payment, along with additional legal fees and costs, while the impact on the company's daily operations is deemed minimal [3][4][20]. Arbitration Details - The arbitration is at the final ruling stage, with Boyuan Chemical as the first respondent [2][3]. - The total amount ordered to be paid by Boyuan Chemical includes RMB 1,889,145,230 for exploration rights and RMB 915,798.36 for legal and related fees [3][4]. - Boyuan Chemical is also responsible for 85% of the arbitration costs amounting to RMB 11,855,584.95 [3][4]. Financial Impact - The ruling is not expected to significantly affect the company's daily operations [4][20]. - The financial impact on the company's overall financial status and profit is currently indeterminate, as the company has not yet finalized the accounting treatment for the arbitration ruling [20]. - As of the announcement date, the company has accrued an estimated liability of RMB 1,149,035,612.59 related to this arbitration [20]. Background of the Dispute - The arbitration stems from a 2009 agreement where Boyuan Chemical and Shanghai Zheda transferred 51% of Mengda Mining's shares to China Coal Energy Co., Ltd., with obligations for any exploration rights payments [7][9]. - The dispute arose after a court ruling required Mengda Mining to pay RMB 2.22 billion for exploration rights, which led to the arbitration claim against Boyuan Chemical [8][9]. Ruling Summary - The arbitration tribunal ruled that Boyuan Chemical must pay the specified amounts to Mengda Mining and the applicant, with additional costs being shared among the parties involved [18][19]. - The ruling is final and effective immediately, with payments required within 20 days of the ruling [19]. Other Legal Matters - As of the announcement, there are no other undisclosed litigation or arbitration matters involving the company or its subsidiaries [19].

Core Viewpoint - The report discusses the progress of a significant arbitration case involving Ningbo Bohui Chemical Technology Co., Ltd. and its potential impact on the company's financials, particularly concerning its convertible bonds [3][5]. Group 1: Arbitration Case Overview - The arbitration case was initiated by the company against Fucheng Limited due to a contract dispute, with the arbitration request filed on August 30, 2023 [3][4]. - The total amount involved in the arbitration is RMB 71,087,122.30, which represents 17.68% of the company's latest audited net assets attributable to shareholders [5]. Group 2: Arbitration Requests and Counterclaims - The company’s arbitration requests include claims for breach of contract, payment of liquidated damages amounting to USD 3,365,761.27, and other compensation claims totaling USD 4,275,626.02 related to guarantees [4][6]. - The respondent, Fucheng Limited, has countered with requests to dismiss the company's claims and has sought liquidated damages of USD 2,353,109.70, along with interest and legal costs [4]. Group 3: Arbitration Ruling - The Hong Kong International Arbitration Centre issued a final ruling, which includes the company being awarded certain amounts along with interest calculated at a rate of 4% per annum until the date of the ruling [5]. - The ruling is final and effective from the date of issuance, but the respondent has yet to comply, leading to uncertainty regarding the execution of the ruling [5]. Group 4: Financial Impact - The company is currently unable to assess the impact of the arbitration outcome on its current or future profits due to the respondent's non-compliance and the uncertainty surrounding the enforcement of the ruling [5].

Core Viewpoint - The arbitration ruling regarding the exclusive distribution agreement between Sincere Brand Management Limited (SBML) and Multicontinental Distribution (Asia) DMCC has significant implications for SBML's rights and operations in the distribution of Franck Muller watches and related accessories in specified regions [1][2]. Group 1: Arbitration Outcome - The exclusive distribution agreement was incorrectly terminated, but it is deemed to have been terminated as of October 3, 2022, granting SBML the right to seek damages [1]. - SBML's claims for customer indemnification guarantees were rejected [1]. - Multicontinental's claims regarding minimum purchase requirements were also dismissed [1]. Group 2: Obligations and Financial Implications - Multicontinental is required to repair and return withheld watches to SBML within 60 days from the arbitration notification date, excluding consignment inventory [1]. - SBML must return consignment products and organize inspections, and is obligated to pay Multicontinental and GFM for each consignment product sold, with a book value of approximately HKD 338 million as of March 31, 2025 [1]. - The arbitration tribunal ruled that both Multicontinental and GFM are eligible to be sued [1]. Group 3: Trademark and Distribution Rights - SBML must immediately cease any use of the FM trademark and stop claiming to be the (exclusive) distributor of the products, as a result of the arbitration ruling that the exclusive distribution agreement is considered terminated [1]. Group 4: Company Response - The company believes that the arbitration ruling aligns with its initial expectations and will further analyze the ruling to take appropriate actions to protect its rights and interests [2].

Core Viewpoint - The arbitration ruling requires the first respondent to pay a total of RMB 16,242,783.84 to the applicant, Shanghai Sinan Navigation Technology Co., Ltd., in relation to a contract dispute with Mankiaogou Mining [1][4][5] Summary by Sections Arbitration Details - The arbitration was initiated by Shanghai Sinan Navigation Technology Co., Ltd. against Mankiaogou Mining and Ren Dakai, with the claims including a technical service fee of RMB 14,500,000, a penalty of RMB 1,500,000, attorney fees of RMB 229,800, and guarantee fees of RMB 12,983.84 [1][4] - The total arbitration fee of RMB 204,442 is to be borne by both respondents, who are also required to reimburse the applicant for this amount [2][4] Ruling Outcomes - The ruling includes the following payments to be made by the first respondent: - Technical service fee: RMB 14,500,000 - Penalty: RMB 1,500,000 - Attorney fees: RMB 229,800 - Guarantee fees: RMB 12,983.84 - The second respondent is jointly liable for the payments outlined above [4][5] Impact on the Company - The arbitration ruling is final and does not affect the company's daily operations. However, the uncertainty surrounding the execution of the ruling may impact the company's profits in the current and future periods [3][5]