Wingtech Technology Files Arbitration Against Luxshare Precision Industry’s Unit at SIAC

Wingtech Technology Co. Ltd, a major Chinese electronics manufacturer, announced that its subsidiary has filed arbitration proceedings against Luxshare Precision Industry’s unit at the Singapore International Arbitration Centre (SIAC). The dispute centers on the India business asset package, which was part of a larger sale agreement between Wingtech and Luxshare.

While most assets in the broader transaction have already been transferred, the Indian portion remains incomplete. Luxshare has sought to terminate the agreement and recover approximately ₹19.77 billion already paid, whereas Wingtech is demanding the remaining 160 million Chinese Yuan along with damages.

This arbitration marks a critical development in the ongoing business relationship between the two companies, highlighting the complexities of cross-border asset transfers and compliance.

Key Highlights

• Dispute Filed: Arbitration initiated at Singapore International Arbitration Centre (SIAC).
• Parties Involved: Wingtech Technology vs. Luxshare Precision Industry’s unit.
• Asset Package: India business assets remain unresolved in broader transaction.
• Luxshare’s Position: Seeks termination and refund of ₹19.77 billion already paid.
• Wingtech’s Position: Demands 160 million CNY plus damages.
• Broader Context: Most other assets in the deal have been transferred successfully.

Sources: FilingReader News Wire, Law.Asia, TrendForce