Luxshare seeks refund and arbitration over Wingtech’s Indian asset transfer

Luxshare Precision Industry Co., Ltd. initiated arbitration at the Singapore International Arbitration Centre (SIAC) to terminate the asset transfer agreement tied to Wingtech’s Indian unit, after the Indian portion of the broader asset package remained incomplete. The move follows earlier progress on other Wingtech asset transfers in China, which had been finalized and registered.

This dispute occurs against a backdrop of structural changes at Wingtech, which sold key businesses to Luxshare to bolster Luxshare’s ODM capabilities amid pressure from U.S. sanctions, heightening strategic stakes around timely completion of the remaining Indian assets. The arbitration seeks resolution on payment obligations and transfer completion.

Key highlights

• Arbitration filed: Luxshare’s unit has submitted a request to SIAC to terminate the Indian asset transfer agreement.
• Refund sought: The unit seeks a refund of 2.0 billion Indian rupees plus interest until settlement.
• Incomplete transfer: Most non-Indian assets were transferred earlier; the Indian package remains pending, triggering the dispute.
• Counterclaims risk: Wingtech has indicated demands for remaining payments and damages, signaling potential two-sided claims.
• Strategic implications: Resolution will shape Luxshare’s India footprint and integration timeline for acquired assets.

Sources: FilingReader (Shanghai), FilingReader (Shenzhen), TrendForce