China High Speed Drive (00658) fell nearly 13%. As of press release, it was down 12.96% to HK$0.94, with a turnover of HK$1.7054 million.
The Zhitong Finance App learned that China High Speed Drive (00658) fell nearly 13%. As of press release, it fell 12.96% to HK$0.94, with a turnover of HK$1.7054 million.
According to the news, China High Speed Transmission announced that the company's wholly-owned subsidiaries, Nanjing High Precision 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 will sign a number of product sales agreements in or around 2023. As of October 31 this year, the total amount of due receivables and advance payments of the above subsidiaries under these agreements is approximately RMB 6.64 billion. At or around the beginning of November this year, the company directed its legal counsel to take action to obtain the relevant payments.
However, as of yesterday (November 24), the relevant payments have not been paid. Furthermore, several counterparties to such agreements have objected to the fact that the relevant amounts have matured and should be paid. China High Speed Transmission said the company notes that these agreements were made without the approval of the board of directors and has set up an independent board committee to further investigate the background of these agreements.