Shanghai Phoenix and ofo reached an agreement to recover the remaining 27.92 million payment in instalments

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 Shanghai Phoenix and ofo reached an agreement to recover the remaining 27.92 million payment in instalments


On January 11, Shanghai Phoenix Enterprise (Group) Co., Ltd. (600679, Shanghai Phoenix) announced that through mediation by the First Intermediate Peoples Court of Beijing, Shanghai Phoenix Bicycle Co., Ltd. (Phoenix Bicycle), a subsidiary of the companys holding company, and Dongxia Datong (Beijing) Management Consulting Co., Ltd. (Dongxia Datong), the main operator of ofo, voluntarily reached a mediation agreement. Specific contents include:

1. It is confirmed that, including payment of arrears, lawyers fees and interest (up to November 20, 2018), Dongxia Datong should pay a total of 71.9161 million yuan for Phoenix bicycles.

2. Agree to the Beijing First Intermediate Peoples Court to deduct the frozen sum of 2804.05 million yuan (up to November 20, 2018) from Dongxia Datong and pay it to Phoenix Bicycle. The remaining amount is paid in installments.

The mediation document of this case has been signed by all parties and has legal effect. Phoenix bicycle has recently received 27.926 million yuan of frozen funds transferred by the court from Dongxia Datong.

Shanghai Phoenix said that Phoenix Bicycle, a subsidiary of the judgment company, recovered part of the receivables and reached a settlement agreement with Dongxia Datong on the remaining funds, which effectively reduced the risk of receivables and would have a positive impact on the profits and losses of listed companies.

Source of this article: Peng Mei News Responsible Editor: Yao Liwei_NT6056