Abstract of judgment:
The court held that the cooperative agreement and supplementary deals between the two sides in the case were commercial contracts rather than governmental franchise agreements and that the arbitral award was legally binding upon Ruisu (Beijing) Racing Management Co., Ltd. The arbitral award in the case was lawfully valid because its meaning was expressed clearly and it was granted by an arbitration committee in written form. Apart from intending to resolve specific items, the arbitral award conformed to China's Arbitration Law in terms of formal and substantial elements and didn't belong to any invalidity prescribed in the law. Therefore, the court rejected the position of Ruisu (Beijing) Racing Management Co., Ltd. and found the award to be binding upon it.