“Private network communication business explosion” incident was accused of involving economic crime Changshu Guorui Technology Co.Ltd(300600) prosecution was rejected

On the evening of March 4, Changshu Guorui Technology Co.Ltd(300600) ( Changshu Guorui Technology Co.Ltd(300600) , SZ) announced that the court held that some lawsuits filed by Changshu Guorui Technology Co.Ltd(300600) should be dismissed because the underlying transaction of the case is suspected of economic crime.

The lawsuit in which Changshu Guorui Technology Co.Ltd(300600) was rejected was about the “private network communication business explosion” detonated by Sui Tianli, in which dozens of listed companies were involved Changshu Guorui Technology Co.Ltd(300600) previously announced that the multi mesh cloud data processing communication machine business has the risk of abnormal contract execution and overdue accounts receivable of 170 million yuan, which may lead to the loss of the company.

Previously, a total of four lawsuits were filed

According to the announcement of Changshu Guorui Technology Co.Ltd(300600) on the evening of July 15, 2021, on January 19, 2020, the listed company signed three equipment purchase and sales contracts with Fushen Industrial Company (hereinafter referred to as Fushen industrial), which agreed that Fushen industrial would purchase multi mesh cloud data processing communication machines from Changshu Guorui Technology Co.Ltd(300600) at a total contract price of 130 million yuan. After Changshu Guorui Technology Co.Ltd(300600) completed production and the products met the delivery conditions, Fushen industry only paid the contract deposit of 13.08 million yuan on January 19, 2020 and February 12, 2020 respectively.

On December 5 and December 25, 2020, Fushen industry appointed Harbin comprehensive bonded Group Co., Ltd. (hereinafter referred to as Harbin comprehensive bonded group) to inspect and accept Changshu Guorui Technology Co.Ltd(300600) different batches of goods respectively, and issued the equipment acceptance handover form with the conclusion that it was qualified. After Changshu Guorui Technology Co.Ltd(300600) urging, Harbin comprehensive bonded group paid a total of 13 million yuan on April 30, 2021 and June 4, 2021, However, the subsequent other party failed to perform its payment obligations in full.

On the same day (January 19, 2020, when three equipment purchase and sales contracts were signed with Fushen industry), another equipment purchase and sales contract with a total price of 49.72 million yuan was signed between the listed company and Fushen industry, and Fushen industry only paid a contract deposit of 4.97 million yuan on February 12, 2020. On December 25, 2020, Fushen industry also designated Harbin comprehensive insurance to accept the goods and issue the acceptance handover form that passed the acceptance. Subsequently, the above-mentioned enterprises did not perform the contract.

On March 9, 2020, Changshu Guorui Technology Co.Ltd(300600) also signed three purchase and sales contracts with Fushen industry, with a total price of 119 million yuan. Fushen industry paid a deposit of 11.87 million yuan on January 19, 2020 and February 12, 2020, and the subsequent contracts were not performed.

To sum up, Fushen industry has signed seven equipment purchase and sales contracts with Changshu Guorui Technology Co.Ltd(300600) and four of them have designated Harbin comprehensive insurance to accept the goods.

On May 9, 2020, Changshu Guorui Technology Co.Ltd(300600) also signed four purchase contracts with Nanjing Changjiang Electronic Information Industry Group Co., Ltd. (hereinafter referred to as Nanjing Changjiang Electronics). Nanjing Changjiang electronics purchased multi mesh cloud data processing communication machines from Changshu Guorui Technology Co.Ltd(300600) with a total contract price of 70.07 million yuan. However, Nanjing Changjiang electronics only paid the contract deposit of 7.01 million yuan on May 14, 2020.

There are 600 lawsuits based on the above situation.

The underlying transaction is suspected of economic crime

Due to the breach of contract of the above three companies, on March 27, 2021, Shanghai Xingditong Communication Technology Co., Ltd. (hereinafter referred to as Shanghai Xingditong) and Changshu Guorui Technology Co.Ltd(300600) signed a compensation agreement, stipulating that Shanghai Xingditong shall bear the responsibility of urging the buyer to pay the goods on time. If the buyer is overdue, Shanghai Xingditong shall compensate the plaintiff for the liquidated damages agreed in the purchase and sales contract, The compensation amount shall not exceed 5% of the total contract amount.

Statistics show that Shanghai Xingditong was established in 2011, and its business scope includes R & D, testing, assembly and production of communication systems and related equipment. Sui Tianli is the actual controller of Shanghai Xingditong.

Both the above-mentioned customers and Shanghai Xingditong are highly coincident with the customers in the mine explosion of private network communication business of many listed companies such as Jiangsu Zhongtian Technology Co.Ltd(600522) ( Jiangsu Zhongtian Technology Co.Ltd(600522) , SH).

Due to the above risks, in order to reduce losses, Changshu Guorui Technology Co.Ltd(300600) filed a lawsuit with Suzhou intermediate people’s court. The cases involved in this civil ruling are: listed company v. Fushen industry, Shanghai Xingditong sales contract dispute [(2021) su05 minchu No. 1428], listed company v. Fushen industry, Harbin comprehensive insurance and Shanghai Xingditong sales contract dispute [(2021) su05 minchu No. 1429].

(2021) Su 05 min Chu No. 1428 and (2021) Su 05 min Chu No. 1429 cases, the Suzhou intermediate people’s court held that according to the regulations, if the people’s court accepts a case as an economic dispute and believes that it is not an economic dispute case but suspected of an economic crime, it shall rule to reject the prosecution and transfer the relevant materials to the public security organ or procuratorial organ. The underlying transaction in this case is suspected of economic crime, so the plaintiff’s lawsuit should be rejected. If the public security organ cancels the case after filing the case for investigation, or the procuratorial organ makes a decision not to prosecute, or the people’s court determines that it does not constitute a crime, the plaintiff Changshu Guorui Technology Co.Ltd(300600) may sue separately. Therefore, the ruling rejected the lawsuit of the listed company.

Changshu Guorui Technology Co.Ltd(300600) said it would appeal within the statutory time limit. In addition to the two litigation cases involved in this announcement, two other litigation cases involving listed companies are still in the process of trial.

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