BOYA Precision Industry received a compensation of 15 million yuan for the protection of trade secrets

According to the Zhitong Finance APP, BOYA Precision Industry (300971.SZ) announced that it recently received a compensation of 15 million yuan (including assets and cash) for trade secret infringement paid by Company A and its shareholders.

Both the company and Company A are general equipment manufacturing enterprises. The latter was established in 2022 and is primarily owned by a former employee of the company. The equipment produced by Company A is mainly used in the field of strip and sheet forming, and there is an overlap in product types and downstream customers with the company. During routine cooperation with customers, the company discovered that some products sold by Company A were suspected of infringing on the company's trade secrets. In February 2024, the company reported the case to the Public Security Bureau of the Xiangyang High-tech Industrial Development Zone, which was accepted. After the public security agency completed the investigation, the case was transferred to the procuratorial agency for review and prosecution, and as of now, the case is still under trial.

After encountering the aforementioned infringement incident, the company resolutely decided to use legal means to defend its rights and actively cooperate with judicial authorities to carry out related work. During the trial period, under legal pressure, Company A proactively contacted the company and was willing to compensate for its infringement. After negotiation, both parties reached a compensation agreement. The agreement stipulates that Company A voluntarily compensates 15 million yuan for its infringement of the company's trade secrets (to be fulfilled through asset compensation and cash), and the company will issue a written letter of understanding. As of now, the company has received a total of 15 million yuan in assets and cash as compensation