Meizhi Co., Ltd.'s controlling shareholder’s equity transfer dispute case remanded for retrial; involved amount of 373 million yuan

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Shenzhen Meizhi Decoration Design Engineering Co., Ltd. (abbreviated as “Meizhi Co. (rights protection)”, stock code: 002856) released an announcement on March 24, disclosing that, regarding a dispute over equity transfer between the company’s controlling shareholder Guangdong Yijian Equity Investment Partnership (Limited Partnership) (abbreviated as “Guangdong Yijian”) and Li Suhua, the case has obtained new developments. The Foshan Intermediate People’s Court has ruled to revoke the original first-instance judgment and remand the case to the Foshan Nanhai District People’s Court for a retrial. As a third party in the case, Meizhi Co. states that because the findings of the case facts and the outcome of the judgment have yet to be clarified, the impact of this litigation on the company’s current-period profit or future profits remains uncertain.

The announcement shows that the dispute stems from the “Share Transfer Agreement” signed on December 12, 2020 between Guangdong Yijian, Li Suhua, and Shanghai Tianshi Technology Development Co., Ltd. It is alleged that Li Suhua violated the agreement regarding the company performance performance earn-out and the minimum shareholding commitment. Guangdong Yijian therefore filed a lawsuit with the Foshan Nanhai District People’s Court. The total amount requested in the lawsuit exceeds RMB 423 million. After the Nanhai District Court issued a first-instance judgment on October 10, 2024, Li Suhua was dissatisfied with the judgment and appealed. The Foshan Intermediate Court previously ruled to stay the proceedings on July 3, 2025; now the latest ruling revokes the original first-instance judgment and remands the case for a retrial.

In addition, during the advancement of the above case, Li Suhua and Sun Cheng also sued Guangdong Yijian based on the same “Share Transfer Agreement,” requesting the解除 of certain provisions and seeking compensation of more than RMB 101 million. This lawsuit was dismissed in full by the Foshan Intermediate People’s Court on August 13, 2025.

In its announcement, Meizhi Co. emphasized that, in addition to the lawsuits and arbitration matters already disclosed, there have been a total of 3 other lawsuits and arbitration matters involving the company and its controlling subsidiaries within the past twelve months, with a combined amount of RMB 891,000, accounting for 0.84% of the company’s most recent audited net assets. All are cases with amounts below RMB 10 million. The company will closely monitor the subsequent progress of this remand retrial case and promptly fulfill its information disclosure obligations.

As of the disclosure date of this announcement, the company and its controlling subsidiaries have no other lawsuits or arbitration matters that should be disclosed but have not been disclosed.

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