*ST New Tide involved in litigation entering retrial review stage, previously won the second instance

MaticHoleFiller · 2026-03-30T14:45:02+00:00

Shandong New Tide Energy Co., Ltd. (*ST New Tide) recently announced that it has entered the retrial review stage due to participating in an objection case against the additional enforcement party. The case stems from a contractual dispute with Sichuan Trust. *ST New Tide won in the second instance, but Sichuan Trust filed for a retrial, and the outcome is still uncertain, which may affect the company's profits and losses. The company stated that it will actively respond to the lawsuit and safeguard shareholders' rights and interests.

MaticHoleFiller

2026-03-30 14:45:02

Abstract generation in progress

Shandong Xinchao Energy Co., Ltd. (Securities abbreviation: *ST Xinchao (rights protection), Securities code: 600777) issued an announcement on March 28, 2026, stating that on March 26, the company received from Sichuan Tianfu Trust Co., Ltd. (formerly Sichuan Trust Co., Ltd., hereinafter referred to as “Sichuan Trust”) the “Application for Retrial” and a “Notice of Responding to the Lawsuit” from the Supreme People’s Court. The company’s case involving a suit in objection to additional enforcement entered the retrial review stage. In the company’s previous appeal for the second instance, it prevailed in the case. However, the retrial review result and the uncertainty regarding its impact on the company’s profit and loss exist.

The announcement shows that the case originated from a contract dispute among Sichuan Trust and parties outside the case, including Hami Jinshengyuan Mining Co., Ltd. (hereinafter referred to as “Jinshengyuan”), Tang Wanxin, and others. During the compulsory enforcement process, the People’s Court of Jinjiang District, Chengdu City ruled to add *ST Xinchao as a judgment debtor, reasoning that it determined *ST Xinchao, as a shareholder of Jinshengyuan, engaged in capital withdrawal. *ST Xinchao disagreed and then filed a lawsuit.

*ST Xinchao’s investment in Jinshengyuan can be traced back to December 2016, when the company paid a $600 million (RMB 600 million) capital increase payment to Jinshengyuan. Later, due to investment risks, in 2019 the company made a full provision for impairment on this single investment of $600 million (RMB 600 million), which was recorded as asset impairment losses for the 2018 fiscal year.

The litigation process of this case is as follows:

Trial at first instance: The Intermediate People’s Court of Chengdu City, Sichuan Province rendered a civil judgment numbered (2023) Chuan 01 Min Chu 568, dismissing all of *ST Xinchao’s claims.
Trial at second instance: _ST Xinchao, dissatisfied with the judgment at first instance, filed an appeal. After reviewing the case, the High People’s Court of Sichuan Province rendered a civil judgment numbered (2024) Chuan Min Zhong 417, set aside the judgment at first instance, and ruled that *ST Xinchao may not be added as the judgment debtor in this case.
Retrial review stage: Sichuan Trust, dissatisfied with the judgment at second instance, applied to the Supreme People’s Court for a retrial. The Supreme People’s Court has accepted the case for review, with case number (2025) Zuigao Fa Min Shen 5454.

*ST Xinchao stated that the company will actively respond to the lawsuit and properly handle this historical legacy case, safeguarding the legitimate rights and interests of the company and all shareholders. Since it is uncertain after the court’s review whether it will rule in favor of a retrial and whether it will change the judgment, the company is currently unable to determine the impact of this retrial review procedure on the company’s current-period and future profits. If the court rules to hold a retrial and changes the judgment and the company bears the corresponding responsibility, it will have an impact on the company’s profit and loss.

In addition, the announcement also mentioned that the High Court of Sichuan Province previously rendered a civil judgment numbered (2024) Chuan Min Zhong 416 for another similar class of dispute between the company and Sichuan Trust, which likewise supported *ST Xinchao’s appeal request. Sichuan Trust has applied to the Supreme People’s Court for a retrial in that case, with case number (2025) Zuigao Fa Min Shen 5447. The two retrial review cases involve the same facts, and both are historical legacy cases. The company will actively respond to the lawsuits in both cases.

The company stated that there are no other major litigation or arbitration matters that have not yet been disclosed. With respect to the company’s information, please refer to the announcements published by the designated information disclosure media, namely the 《Shanghai Securities News》, 《China Securities Journal》, 《Securities Times》, 《Securities Daily》, and the website of the Shanghai Stock Exchange.

Click to view the full text of the original announcement>>

Statement: The market involves risks; invest cautiously. This article is automatically published by an AI large model based on third-party databases and does not represent Sina Finance’s viewpoints. Any information appearing in this article is for reference only and does not constitute personal investment advice. If there are any discrepancies, please refer to the actual announcement. If you have questions, please contact biz@staff.sina.com.cn.

Endless information and precise interpretation—right here in the Sina Finance app

责任编辑：小浪快报

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

1 Likes