On November 22, Huangshi Group announced that the company had recently received relevant materials such as Civil Complaint, Court Summons, Notice of Proof and Notice of Response from Tai'an Intermediate People's Court of Shandong Province (hereinafter referred to as "Tai'an Intermediate Court"). The cause was a partnership contract dispute between Huangshi Group and Huangshi Digital Intelligence Co., Ltd. (Hereinafter referred to as "Huangshi Digital Intelligence").
According to the announcement, in November 2019, Tai'an Dongyue Fortune Equity Investment Fund Co., Ltd. (Hereinafter referred to as "Dongyue Fortune") signed the "Tai'an Dongyue Fortune Equity Investment Fund Partnership (Limited Partnership)" with Huang's Digital Intelligence and Shenzhen Deno Kerry Investment Co., Ltd. (Hereinafter referred to as "Shenzhen Deno"). The establishment of Tai'an Dongyue Digital Intelligence Equity Investment Fund Partnership (hereinafter referred to as "Dongyue Digital Intelligence") has been completed. Among them, Dongyue Fortune and Huangshi Digital Intelligence are limited partners, and Shenzhen Deno is the executive partner.
Huangshi Shuzhi signed a supplementary agreement with Dongyue Wealth, stipulating that Dongyue Shuzhi shall ensure that Dongyue Wealth can obtain 6.5% of the investment principal from the fund every year during the period of holding the fund shares. If the actual investment income obtained by Dongyue Wealth from the fund every year is less than above agreed income amount, Huangshi Shuzhi shall assume the obligation to make up the difference. After the signing of the agreement, Dongyue Wealth contributed 310 million yuan to Dongyue Shuzhi.
However, Dongyue Wealth believes that since December 12, 2020 until today, Dongyue Shuzhi has not paid the investment income to Dongyue Wealth according to the contract, and the obligation of Huangshi Shuzhi to make up the difference has been triggered, and it should make up the unpaid investment income to Dongyue Wealth. In addition, according to the supplementary agreement, when Dongyue Digital Intelligence fails to achieve a net profit of not less than RMB 400 million in 2025, Dongyue Wealth has the right to request Huangshi Digital Intelligence to acquire all its shares in the fund. Dongyue Wealth believes that Huangshi Shuzhi's violation of performance commitments constitutes an expected breach of contract with Dongyue Wealth, requiring Huangshi Shuzhi to immediately fulfill the repurchase obligation of investment principal, and that Huangshi Group should be jointly and severally liable for the debts of Huangshi Shuzhi.
Dongyue Wealth requires Huangshi Shuzhi to pay the investment principal of 310 million yuan, and the difference is 58 million yuan; Huangshi Group assumes joint and several liability for liquidation.
In the announcement, Huangshi Group said that it had never signed any agreement with Dongyue Wealth, that there was no commitment to make any guarantee or obligation to Dongyue Wealth, and that the company had publicly listed and transferred Huangshi Digital Intelligence and completed the procedures for equity change.
At present, the case has not yet been heard.
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