Wingtech Technology has disclosed that its subsidiary, Wingtech India, is currently locked in a dispute with Luxshare Precision's unit, Luxshare-ICT, regarding the transaction of an Indian business asset package. The crux of the disagreement lies in the fact that Wingtech India's assets have been seized, thereby thwarting the smooth completion of the delivery process.

Wingtech Technology has clarified that it is taking proactive measures in line with arbitration protocols and pertinent legal frameworks. The company intends to lodge a counterclaim, urging Luxshare-ICT to honor the contract by fulfilling its remaining obligations, including paying the outstanding transaction sum and providing compensation for any incurred losses.

An insider familiar with the matter has revealed that the root cause of this "payment dispute in arrears" primarily stems from the government's seizure and freeze of Wingtech India's assets, which has effectively blocked the delivery.