C transmission (00658) fell by nearly 13%, as of the time of writing, down by 12.96%, at 0.94 Hong Kong dollars, with a turnover of 1.7054 million Hong Kong dollars.
According to the Sina Finance APP, C transmission (00658) fell by nearly 13%, as of the time of writing, down by 12.96%, at 0.94 Hong Kong dollars, with a turnover of 1.7054 million Hong Kong dollars.
On the news front, C transmission announced that its wholly-owned subsidiary Nanjing Gaojing Transmission Equipment Manufacturing Group Co., Ltd., Nanjing Handa Import and Export Trading Co., Ltd., and Nanjing Shengzhuang Supply Chain Co., Ltd. are engaged in trading business and have entered into several commodity purchase and sale agreements around 2023. As of October 31 this year, the total amount of receivables and prepayments due under these agreements by the above-mentioned subsidiaries amounted to approximately RMB 6.64 billion. In early November this year or thereabout, the company instructed its legal advisors to take action to obtain the relevant amounts.
However, as of yesterday (November 24), the relevant amounts have not been paid. Furthermore, some transaction counterparties under these agreements have raised objections to the amounts that have matured and should be paid. C transmission stated that the company has noted that these agreements were entered into without the approval of the board of directors and has established a board of directors independent committee to further investigate the background of these agreements.