ZTE said that in response to the application for execution of the case, the company had filed an enforcement objection to the Shenzhen Intermediate People's Court on December 24, 2018. At present, the two sides are still negotiating amicably to settle the dispute.
According to the financial report, ZTE achieved business income of 58.766 billion yuan in the first three quarters, down 23.26% year-on-year, and a net loss of 7.26 billion yuan. It is expected to lose 6.2 billion to 7.2 billion yuan in the whole year of 2018, with a profit of 4.568 billion yuan in the same period last year, down by 23.572% - 25.76% from the same period last year.
The following is a response to the full text:
In recent media reports, ZTE was applied for compulsory execution by the Fifth Bureau of China Construction. The normal commercial disputes between ZTE and the Fifth Bureau of China Construction were not carried out in dishonesty.
Since 2008, ZTE and the Fifth Bureau of China Construction have had a series of disputes. The relevant progress has been disclosed in detail in the company's semi-annual report and annual report. The case applied for execution is one of the five bureaus of China Construction v. ZTE. Since 2009, it has gone through first instance, second instance and retrial. On December 11, 2017, the court issued a final retrial judgment. The judgment required the company to pay more than 144.9 million yuan for the unpaid project, the other party's lost more than 286 million yuan for the undertaking and interest. At the same time, the five bureaus of China Construction returned ZTE to ZTE. Guarantee of RMB 15.5 million and interest. In view of the mutual payment obligations of both parties to the above judgment and the resumption of the trial of several other suspension cases involved in the case after the judgment, the company has been communicating with the Fifth Bureau of China Construction on the settlement of the case, and the Fifth Bureau of China Construction has not applied for execution immediately after the judgment comes into effect.
In response to the application for execution of this case, the company filed an objection to execution with the Shenzhen Intermediate People's Court on December 24, 2018. At present, the two sides are still negotiating amicably to settle the dispute.