ST Dehao: Zongde Lighting's land use rights have been sealed

ST ETI announced that its wholly-owned subsidiary, Zongde Lighting, received a court administrative ruling involving the seizure of the land use rights of Zongde Lighting located in the Central Industrial Zone of Dalian Economic and Technological Development Zone, covering an area of 128,600 square meters. The reason is the failure to complete the project within the time stipulated in the "State-owned Construction Land Use Right Transfer Contract," resulting in a penalty of 149 million yuan. The court ruling imposes a seizure period of three years. The company stated that this asset does not involve the company's essential operating assets, and daily operations will not be significantly affected. The company will take legal measures to respond to the administrative litigation and negotiate a disposal plan for the land to minimize the impact on the company