May 16，Announcement and Disclosure of 188bet online sports betting Co., Ltd. (hereinafter referred to as "188bet online sports betting")，In a contract dispute case with Hunan Trust Co., Ltd. (hereinafter referred to as "Hunan Trust")，Hunan Trust’s request for 188bet online sports betting to return the overdue loan principal and interest，The first instance was supported by the court，Court decision，188bet online sports betting repays the loan principal 2.5.7 billion yuan and penalty interest。

This lawsuit against 188bet online sports betting stems from the default of a 300 million yuan trust loan。September 7, 2016，188bet online sports betting applied for a trust loan of 300 million yuan from Hunan Trust，"Guarantee Contract" issued by 188bet online sports betting shareholder HNA Tourism Group，Provide joint liability guarantee。September 10, 2018 is the repayment deadline。

3 days after the repayment deadline，i.e. September 13, 2018，Hunan Trust announced 188bet online sports betting on its official website、HNA Tourism Group constitutes a substantial breach of contract，188bet online sports betting Debt Default Crisis Revealed。Subsequently，HNA Industrial Group Co., Ltd. (hereinafter referred to as "HNA Industrial Group") issued a "Repayment Guarantee Letter" to Hunan Trust，Agreement to provide joint liability guarantee，And urge 188bet online sports betting to repay the loan on schedule by the end of 2018。As of the end of 2018，In addition to returning the principal of 50.5 million yuan, 188bet online sports betting，The remaining loan has not been repaid，HNA Industrial Group’s guarantee became a dead letter。

For this，January 2019，Hunan Trust will innovate 188bet online sports betting、188bet online sports betting Tourism Group、188bet online sports betting Industrial Group filed a lawsuit with the Hunan Provincial Higher People’s Court (hereinafter referred to as the “Hunan High Court”)。

Hunan Trust requests the court to order 188bet online sports betting to repay the loan immediately 2.5.7 billion yuan and pay penalty interest for overdue repayment71.million yuan，The penalty interest is temporarily calculated until November 27, 2018，The annual interest rate thereafter is 12.45%，From November 27, 2018 to the defendant’s actual payment。At the same time，Hunan Trust applies to the court for litigation property preservation。February this year，Hunan Higher People’s Court placed 188bet online sports betting in HNA Group Finance Co., Ltd. 2.0.3 billion deposits are frozen，Freeze from February 18, 2019 to February 17, 2020。

The case will be heard in the afternoon of February 21st，On May 14, the Hunan High Court sent the judgment to 188bet online sports betting。Judgment holds that，The "Trust Loan Contract" signed by 188bet online sports betting and Hunan Trust、The "Guarantee Contract" signed by HNA Tourism Group and Hunan Trust and the "Repayment Guarantee Letter" issued by HNA Industrial to Hunan Trust are legal and valid。

Hunan High Court Judgment，Within 10 days after the judgment takes effect，188bet online sports betting repaid the loan principal to Hunan Trust about 2.5.7 billion yuan and penalty interest，Penalty interest is 2.5.7 billion yuan as the base，Annual interest rate 12.45% standard，Calculated from November 20, 2018 to the date of actual settlement；188bet online sports betting paid legal fees of RMB 150,000 to Hunan Trust；HNA Tourism Group、HNA Industrial Group shall be jointly and severally liable for debt repayment；Case acceptance fee 132.850,000 yuan，Preservation fee 5,000 yuan，Total 133.35 yuan。Innovated by HNA、HNA Tourism Group、HNA Industrial Group shares the burden。

Such a verdict will have an impact on 188bet online sports betting’s profits in 2019，188bet online sports betting Expected，The lawsuit will result in a decrease in profit for the current period of approximately RMB 16 million。

188bet online sports betting is mainly engaged in tourism catering service business and scenic spot related business，Achieved operating income of approximately 1310 in 2018.120,000 yuan，Decrease 57 year-on-year.5%；Net profit loss 1.9.2 billion yuan，Deduction of non-net profit is -2.2.1 billion yuan。

*Source of this article: Beijing News, author of this article: Wang Qingbin,Original title: "Litigation involving debt breach，188bet online sports betting was sentenced to repayment 2.5.7 billion yuan and penalty interest》.