FINWIRES · TerminalLIVE
FINWIRES

Changan Automobile Scraps Capital Increase Plan for Subsidiary

By

Chongqing Changan Automobile (SHE:000625, SHE:200625) terminated plans to increase the capital of a subsidiary, according to a Shenzhen bourse filing on Saturday.

The Chinese automobile maker's A shares slipped 1% and B shares fell 2% during Monday's morning trade.

The company, along with Chenzhi Automotive Technology Group, previously planned to raise Chongqing Changan Technology's capital by 3 billion yuan.

The termination was decided to accelerate the process of market-oriented financing and further expedite the company's development, the filing said.

Related Articles

Asia

Everlight Electronics Files Patent Infrigment Lawsuit in US Court Against Nichia

Everlight Electronics Co (TPE:2393) has filed a patent infringement lawsuit in a US district court against Nichia Corporation and Nichia America Corporation over some flash LED products, according to a Friday filing to the Taiwan stock exchange.The company has claimed that Nichia's flash LED products infringe its patent rights, and has requested the court to order the defendants to pay damages for the same.As of now, the case does not have any material impact on the company's financial position or overall operations. Subsequently, the financial impact will depend on the progress of the litigation and the court's final adjudication.

TPE:2393
Asia

Horizon Gold Identifies High-Grade Gold Mineralization at Three Deposits in Western Australia Project, Shares Up 3%

Horizon Gold (ASX:HRN) identified high-grade gold mineralization during recent drilling at its Gum Creek gold project's Kingfisher, Hawk and Swan deposits in Western Australia, according to a Monday Australian bourse filing.The results were up to 23 meters at 5.26 grams per tonne gold from 188 meters, including 15 meters at 7.65 grams per tonne gold.Follow-up reverse circulation and diamond drilling is being planned at all three prospects, with diamond and reverse circulation drilling continuing across the Gum Creek project area, the filing added.The company's shares rose 3% in recent Monday trade.

ASX:HRN
Asia

Powerchip Semiconductor Manufacturing's Chairman/CEO Passes Away

Powerchip Semiconductor Manufacturing's (TPE:6770) chairman and chief executive officer, Frank Huang, has passed away, according to a Friday filing with the Taiwan Exchange.The wafer foundry company has named Vice Chairman Brian Shieh to legally assume the chairman's duties, with plans in place to continue the company's growth in Taiwan's high-tech industry.

TPE:6770