NEW FOCUS AUTO (00360): Qingdao Guorui reaches a settlement with Shenzhen Shanglutong

NEW FOCUS AUTO (00360) Announcement: The company hereby announces the announcement dated August 14, 2024, regarding the freezing of the equity of Shenzhen Daodu held by Qingdao Guorui. This arrangement is related to the private lending dispute ("the lawsuit") between Shenzhen Daodu and Qingdao Guorui filed by Shenzhen Business Travel as the applicant. As of the date of this announcement, Shenzhen Daodu holds all the equity of the company's controlling shareholder, Hong Kong Daodu. Hong Kong Daodu holds 10.449 billion shares of the company, accounting for approximately 60.69% of the total number of issued shares. On November 13, 2024, the company received a notification from Qingdao Guorui stating that they had reached a settlement with Shenzhen Business Travel (as the plaintiff). On October 23, 2024, Shenzhen Business Travel applied to the Intermediate People's Court of Shenzhen, Guangdong Province ("the court") for withdrawal of the lawsuit and lifting of the equity freeze. According to the withdrawal application, Shenzhen Business Travel stated that there was no lending relationship between them (as the plaintiff) and Shenzhen Daodu or Qingdao Guorui, and no contracts were signed for any loans or other debts, Qingdao Guorui did not provide any guarantees to them (as the plaintiff) or sign any guarantee contracts, Shenzhen Daodu did not have any outstanding loans or obligations to Shenzhen Business Travel, and Qingdao Guorui had no joint liability for any repayment to Shenzhen Business Travel. As of the date of this announcement, Qingdao Guorui has received the "Civil Ruling" dated November 1, 2024, and the "Notice of Release of Seal, Detention, and Freezing of Property" dated November 12, 2024, delivered by the court. According to the court documents, the court has ruled to lift the preservation measures on the frozen equity, and such lifting has been completed. Since Shenzhen Business Travel has applied for the withdrawal of the lawsuit and the lifting of the equity freeze, the court has ruled to allow Shenzhen Business Travel to withdraw the lawsuit and lift the preservation measures on the frozen equity, and the lawsuit has not had any impact on the control of the group.