Tian Ci Materials Withdraws Lawsuit Amid New Developments

Tian Ci Materials has announced the withdrawal of its lawsuit based on new developments in the case. On July 9, the company published a statement regarding its legal dispute with defendants Chen Chuncai, Jinshi Resources, and Jiangshan Jinshi over trade secret infringement. During the court proceedings, the company submitted a request to withdraw the lawsuit to the Hangzhou Intermediate People's Court in Zhejiang Province. Recently, the court approved the withdrawal application, confirming it met legal requirements. This lawsuit began in 2023, with Tian Ci Materials and its wholly-owned subsidiary, Jiujiang Tian Ci, filing a civil lawsuit against the defendants for infringing on the company's trade secrets related to lithium hexafluorophosphate technology. The Guangzhou Intellectual Property Court accepted the case on August 7, 2023. Tian Ci Materials has been researching lithium hexafluorophosphate since 2005 and developed proprietary production formulas and processes, which they have taken measures to protect. Chen Chuncai, who joined Jiujiang Tian Ci in 2009, was familiar with the company's trade secrets. In 2022, Jinshi Resources filed a patent application that included technical information similar to that of Tian Ci Materials, suggesting potential infringement. The lawsuit raised significant issues surrounding the leak of critical production formulas for lithium hexafluorophosphate, a key material in electrolytes. Jinshi Resources, originally a fluorite mining company, has since entered the lithium battery materials sector. Tian Ci Materials stated that the recent court ruling on the withdrawal of the lawsuit will not have a major adverse impact on the company's current and future profits, and they plan to pursue further legal action based on the evolving situation.