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recently,bank of shanghaian announcement was issued to disclose the latest progress in the lawsuit against the "baoneng group": bank of shanghai shenzhen branch has received the "notice of case acceptance" from the court.

the announcement shows that in september and october 2018,bank of shanghai shenzhen branchby subscribing trust fundsloans of 1.5 billion yuan and 2.3 billion yuan to shum yip logistics respectively, the expiration dates are september 26 and october 18, 2021 respectively. the guarantee method is that shum yip logistics and baoneng real estate provide real estate mortgage guarantees, baoneng real estate provides equity pledge and other guarantees, and baoneng investment provides joint liability guarantee guarantees. as of the date of indictment,shum yip logistics still owes nt$3.4772 billion in principal and interest.wait.

december 2018,bank of shanghai shenzhen branchby subscribing trust fundslending another nt$4 billion to shum yip logistics, the expiration date is june 17, 2022. the guarantee method is that shum yip logistics provides real estate mortgage guarantee and rental accounts receivable pledge guarantee, baoneng real estate provides real estate mortgage guarantee, and baoneng holdings, yao zhenhua, and baoneng investment provide joint liability guarantee respectively. as of the date of indictment,shum yip logistics still owes nt$3.899 billion in principal and interestwait.

in view of the fact that shenye logistics and others failed to fulfill their obligations to repay principal and interest or assume guarantee liabilities, the shenzhen branch of the bank of shanghai filed a lawsuit with the guangdong provincial higher people's court in accordance with the law.

bank of shanghai shenzhen branchon the grounds of a dispute over a financial loan contract, the court requested that shum yip logistics immediately repay the loan principal of 3.4772 billion yuan and 3.899 billion yuan, and pay the interest owed until the date of full repayment and overdue liquidated damages.

as of september 28,the lawsuit has not yet been heard。

according to the bank of shanghai, it has strictly followed regulatory regulations.at the end of 2021, the two credit facilities involved in this lawsuit will be classified as non-performing.. the two credits have corresponding collateral and the company has fully made impairment provisions. it is expected that the litigation willit will not have a significant impact on the bank's current or subsequent profits.。