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China High Speed Transmission Equipment Group Commences Legal Proceedings for Fund Misappropriation of RMB 6.64 Billion

On March 31, 2025, the Relevant Subsidiaries of China High Speed Transmission Equipment Group Co., Ltd. Issued a writ of summons in the High Court of Hong Kong against the Defendants, including Fullshare Holdings Limited .
The legal action was initiated after the discovery of certain agreements and is based on the alleged wrongful conduct of the Defendants, which resulted in a loss of RMB 6.64 billion belonging to the Relevant Subsidiaries.
The Relevant Subsidiaries, namely Nanjing High Accurate Drive Equipment Manufacturing Group Co., Ltd., Nanjing Handa Import and Export Trade Co., Ltd., and Nanjing Shengzhuang Supply Chain Co., Ltd., reported the matter to PRC authorities, who initiated a formal criminal investigation into suspected embezzlement and misappropriation of funds.
As of October 31, 2024, receivables and pre-payments due to the Relevant Subsidiaries under the Agreements totaled approximately RMB 6.64 billion, and financial records recovered from Fullshare's premises in December 2024 indicate that Fullshare personnel, reporting to Ji Changqun, were improperly involved in the decision-making and financial management of the Relevant Subsidiaries' trading business.
The Board, under Chairman Hu Jichun, has formed an Independent Investigation Committee, engaged an independent investigative consultant expected to deliver a preliminary report by mid-May, and implemented interim remedial measures, reiterating its commitment to strengthening internal controls and safeguarding shareholder value, stating, "We are duty-bound to rectify any misconduct that undermines corporate governance and shareholder value.

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China High Speed Transmission Equipment Group Commences Legal Proceedings for Fund Misappropriation of RMB 6.64 Billion

HONG KONG, April 1, 2025 /PRNewswire/ -- The Board of Directors (the "Board") of China High Speed Transmission Equipment Group Co., Ltd. (the "Company", Stock Code: 0658.HK, together with its subsidiaries, the "Group") today announced that its wholly-owned subsidiaries, Nanjing…

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