TOND: The company and its wholly-owned subsidiary's certain assets have been sealed and frozen

Tongde Chemical announced that the company and its wholly-owned subsidiary Tongde Technology Innovation received a "Civil Ruling" from the People's Court of Laoshan District, Qingdao City, Shandong Province, ruling to freeze bank deposits of RMB 87 million under the names of the company, Tongde Technology Innovation, and the company's chairman Zhang Hongming, or to seal and seize other properties of equivalent value. The freezing of these assets is due to the property preservation measures taken by Huadong Leasing. If the court takes further measures, there may be risks of judicial disposal, which could have a certain impact on the production and operation of the company and its subsidiaries. The company will actively coordinate with all parties to resolve the above asset freezing issues and will continue to actively cooperate with Huadong Leasing to seek consensus on a dispute resolution plan