Kings: Plaintiff Tianci Materials withdraws lawsuit, the litigation case does not affect the company's current and future profits

Kings announced that the company received the "Civil Ruling" delivered by the Intermediate People's Court of Hangzhou, Zhejiang Province. The plaintiffs, Guangzhou Tianci High-tech Materials Co., Ltd. and Jiujiang Tianci High-tech Materials Co., Ltd., submitted a request to withdraw the lawsuit, which the court approved in accordance with the law. The amount involved in the case is the plaintiffs' claim for the three defendants to jointly compensate the two plaintiffs for economic losses of RMB 90 million and the plaintiffs' expenses for rights protection, including appraisal fees, investigation fees, and attorney fees of RMB 802,000. The court has made a ruling to allow the plaintiffs to withdraw the lawsuit, therefore this litigation case will not affect the company's profits for the current and subsequent periods