Yonghui Superstores is pursuing a debt of over 3.6 billion yuan (RMB, 2.097 billion ringgit) from Wanda Group founder and former richest man in China Wang Jianlin, as well as Dalian Yifang Group's actual controller Sun Xishuang, among others. The court has decided to file the case for enforcement.
According to reports from Cailian Press, The Paper, and other outlets, Yonghui Superstores announced on Thursday evening (May 21) that the company recently received a 'Notice of Case Acceptance' from the court.
In the arbitration case involving the company, Dalian Yujin Trading, its major shareholder Yifang Group, Sun Xishuang, and Wang Jianlin, the arbitral award issued by the Shanghai International Economic and Trade Arbitration Commission has become legally effective. Following the company’s application for enforcement, the court decided to file the case for enforcement.
The announcement shows that the amount involved is the remaining share transfer payment of 3.639 billion yuan, as well as related default penalties, attorney fees, arbitration fees, etc.
Yonghui Superstores emphasized that the amount recovered through this case execution is uncertain, and it is temporarily unable to determine the impact on the company's current or future profits.
It is understood that this case stems from a 'debt recovery case' involving the equity transfer of Wanda Commercial Management. The arbitration and enforcement dispute has lasted for more than two years.
According to previously disclosed information by Yonghui Superstores, on December 8, 2023, the company signed an agreement with Dalian Yujin to sell its 389 million shares of Dalian Wanda Commercial Management Group. The share transfer price was 4.53 billion yuan.
On July 26 of the following year, Yonghui Superstores, Dalian Yujin, Wang Jianlin, Sun Xishuang, and Yifang Group signed a supplementary agreement by friendly negotiation, agreeing that the total remaining share transfer payment of 3.839 billion yuan would be paid in eight installments, with Wang Jianlin, Sun Xishuang, and Yifang Group providing guarantees.
As Dalian Yujin failed to fulfill its payment obligations as agreed, and Wang Jianlin, Sun Xishuang, and Yifang Group also did not assume their guarantee responsibilities, Yonghui Superstores applied for arbitration to the Shanghai International Economic and Trade Arbitration Commission.
The arbitral award required Dalian Yujin to pay Yonghui Superstores the remaining share transfer payment of 3.639 billion yuan, accelerated default penalties of 218 million yuan, and other amounts, with Wang Jianlin, Sun Xishuang, and others bearing joint and several guarantee responsibilities; the relevant obligations are to be fulfilled within twenty days from the date the award becomes effective.
In the arbitration case involving the company, Dalian Yujin Trading, its major shareholder Yifang Group, Sun Xishuang, and Wang Jianlin, the arbitral award issued by the Shanghai International Economic and Trade Arbitration Commission has become legally effective. Following the company’s application for enforcement, the court decided to file the case for enforcement.
The announcement shows that the amount involved is the remaining share transfer payment of 3.639 billion yuan, as well as related default penalties, attorney fees, arbitration fees, etc.
Yonghui Superstores emphasized that the amount recovered through this case execution is uncertain, and it is temporarily unable to determine the impact on the company's current or future profits.
It is understood that this case stems from a 'debt recovery case' involving the equity transfer of Wanda Commercial Management. The arbitration and enforcement dispute has lasted for more than two years.
According to previously disclosed information by Yonghui Superstores, on December 8, 2023, the company signed an agreement with Dalian Yujin to sell its 389 million shares of Dalian Wanda Commercial Management Group. The share transfer price was 4.53 billion yuan.
On July 26 of the following year, Yonghui Superstores, Dalian Yujin, Wang Jianlin, Sun Xishuang, and Yifang Group signed a supplementary agreement by friendly negotiation, agreeing that the total remaining share transfer payment of 3.839 billion yuan would be paid in eight installments, with Wang Jianlin, Sun Xishuang, and Yifang Group providing guarantees.
As Dalian Yujin failed to fulfill its payment obligations as agreed, and Wang Jianlin, Sun Xishuang, and Yifang Group also did not assume their guarantee responsibilities, Yonghui Superstores applied for arbitration to the Shanghai International Economic and Trade Arbitration Commission.
The arbitral award required Dalian Yujin to pay Yonghui Superstores the remaining share transfer payment of 3.639 billion yuan, accelerated default penalties of 218 million yuan, and other amounts, with Wang Jianlin, Sun Xishuang, and others bearing joint and several guarantee responsibilities; the relevant obligations are to be fulfilled within twenty days from the date the award becomes effective.