CENTURY GINWA: Subsidiary plans to defend against the appeal, expects the case will not have a significant impact on the group

CENTURY GINWA (00162.HK) announced that the company recently received a copy of the civil appeal submitted by the project company to the Intermediate People's Court of Xi'an. According to the appeal, the project company requests that the case be sent back for retrial or that the judgment dismiss all litigation requests from the buyer (the company's subsidiary); and that the litigation costs for both the first and second trials be borne by the buyer.

The buyer intends to vigorously defend against the appeal and will regularly inspect the site, expecting to complete the development and delivery of the project after the case concludes. The board of directors believes that the aforementioned litigation case will not and will not have a significant adverse impact on the group's operational and financial status, and that the penalty will be used to supplement the group's working capital and continue the development of the project