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On January 13, Wingtech Technology disclosed that a disagreement had arisen between its subsidiary, Wingtech India, and Luxshare-ICT concerning the sale of the Indian business asset package. This dispute has now escalated to the Singapore International Arbitration Centre for resolution. Luxshare-ICT has put forth a request to terminate the existing agreement and seeks a refund of the 1.977 billion Indian rupees already disbursed. Conversely, Wingtech Technology insists on the continued execution of the agreement and demands payment of the outstanding transaction consideration, which amounts to approximately RMB 160 million. At present, the registration of ownership transfer for all target assets, except for the pending transfer of land ownership rights in India, has been successfully completed.
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