Shanghai Yashi: Subsidiary involved in a lawsuit of 40.98 million yuan, some accounts frozen.

Shanghai Yashi announced that its wholly-owned subsidiary, Hubei Yashi, has been sued by Laiwu High-tech for a contract dispute involving an amount of 40.9836 million yuan. The court has accepted the case, but a hearing has not yet been scheduled. At the same time, Laiwu High-tech has applied for property preservation, resulting in some of Hubei Yashi's bank accounts being frozen, including funds totaling 8.152 million yuan and 26,700 US dollars. The company does not recognize the plaintiff's claims and will actively defend itself and work towards lifting the freeze, with the final outcome dependent on the court ruling.