After being

On the evening of September 23, 2025, Xinyichang (stock code: 688383), a leading enterprise in the domestic LED equipment field, issued a major litigation announcement due to the "Zhongshun" of downstream customers. The company has been in arrears with payment for a long time. The company has officially filed a lawsuit against Zhongshun Semiconductor Technology (Panzhihua) Co., Ltd. (hereinafter referred to as "Zhongshun Panzhihua"), its legal representative Liu Wenjun, and related companies Zhejiang Zhongshun Semiconductor Co., Ltd. (hereinafter referred to as "Zhejiang Zhongshun") and Shenzhen Zhongshun Semiconductor Lighting Co., Ltd. (hereinafter referred to as "Shenzhen Zhongshun") to the Renhe District People's Court of Panzhihua City. As of the date of the announcement, the case has been accepted by the court, but has not yet been heard.

The core of the payment dispute: 37.42 million principal is in arrears and the guarantee measures are invalid

This dispute stems from the equipment procurement cooperation between Xinyichang and Zhongshun Panzhihua. Public information shows that the two parties previously signed a "Purchase and Sales Contract", and Xinyichang supplied its core product - LED die-bonding machine (including 240 mortgage equipment and 1 trial equipment) to Zhongshun Panzhihua as agreed, but Zhongshun Panzhihua did not comply with the contract.The payment for goods was paid in full within the same period. As of the date of prosecution, the principal amount of payment for goods in arrears reached 37.42 million yuan.

In order to resolve the dispute, the two parties signed a supplementary agreement to the "Purchase and Sales Contract", agreeing to use all the machinery and equipment purchased by Zhongshun Panzhihua to provide mortgage guarantee for the above-mentioned unpaid payment; at the same time, Zhongshun Panzhihua's legal representative Liu Wenjun, and the "Zhongshun Department" affiliated companies Zhejiang Zhongshun and Shenzhen Zhongshun all issued "Guarantee Letters" and promised to assume joint and several liability for the payment obligation of the payment.

However, multiple guarantee measures failed to reverse the situation. Zhongshun Panzhihua has still not paid off its arrears. As of the day before the lawsuit was filed, the accumulated liquidated damages for overdue payments had reached 918,700 yuan. In this context, Xinyichang made clear claims: First, it requires the four defendants to pay 37.42 million yuan in arrears, liquidated damages for overdue payments (temporarily calculated at 918,700 yuan, and will be calculated to the actual settlement date), 180,000 yuan in lawyer fees, and 40,000 yuan in litigation property preservation guarantee fees, totaling 38.5587 million yuan (approximately 38.56 million yuan); second, it requires the company to confirm that the company has paid 240 mortgaged LEDs. The price after the discount, auction or sale of the die-bonding machine has the priority to be repaid, and the ownership of a trial LED die-bonding machine is confirmed at the same time; third, Liu Wenjun, Zhejiang Zhongshun, and Shenzhen Zhongshun are required to bear joint and several liability for the debts of Zhongshun Panzhihua.

It is worth noting that "Zhongshun" companies have previously exposed operational risks. 20In July 2025, Shenzhen Zhongshun announced a two-month suspension of production due to periodic operating difficulties, and its business was unable to operate normally. This may become an important inducement for its affiliated company Zhongshun Panzhihua to default on payment. Zhongshun Panzhihua itself was once regarded as a key project in the regional optoelectronics industry. It was established in December 2023 with a registered capital of 50 million yuan. It is mainly engaged in the production of LED packaging and brackets. The first phase of its LED packaging project invested 190 million yuan and was put into production in June 2024. The second phase was originally planned to invest 400 million yuan. However, it is now involved in litigation due to payment disputes, and the progress of the project may be affected.