GAPACK's subsidiary initiates arbitration, claiming approximately 75.6 million RMB

GAPACK (00468.HK) announced that regarding the sale of the company's international business, it has sought legal advice on the findings of the second phase investigation report to determine appropriate follow-up steps and potential actions against the relevant counterparties. To this end, three subsidiaries of the company have recently applied to the Shanghai International Economic and Trade Arbitration Commission to initiate arbitration proceedings against the relevant counterparties.

Among them, the wholly-owned subsidiary GAPACK Shandong has applied to the Shanghai International Arbitration Center to initiate arbitration against Yingte Packaging (Beijing) Co., Ltd. According to GAPACK Shandong's arbitration application, it seeks a declaration that the entrusted production framework agreement entered into with Yingte Packaging (Beijing) Co., Ltd. is invalid for GAPACK Shandong, and further requests the return of delivered goods and paid quality assurance fees; payment of funds occupation fees; and compensation for losses, with a preliminary total amount of approximately RMB 75.595 million.

In addition, the wholly-owned subsidiary GAPACK Beijing and the indirectly wholly-owned subsidiary Fengjing Group also seek a declaration that the trademark licensing agreement and trademark authorization letter entered into with Wintipak AG are invalid.

The above arbitration applications were accepted by the Shanghai International Arbitration Center on March 18.

The company's shares have been suspended from trading since February 19, 2025, and will remain suspended until further notice