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Keda Industrial Gets Updated Rulings for Two Lawsuits

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Keda Industrial (SHA:600499) received updated decisions for two lawsuits related to a joint venture dispute and breaches in confidential information, according to a Shanghai bourse filing on Thursday.

The first suit was filed by Feng Jun at the Intermediate People's Court of Foshan, Guangdong Province, China due to a subsidiary, Guangdong Keda Lithium, and Qinghai Fozhao Lithium Energy Development not paying patent technology consultancy fees as agreed in a joint venture contract.

The court recently determined not to support Feng's application for procuratorial supervision as the case did not meet the conditions for such supervision.

The second lawsuit was filed at the Intermediate People's Court of Nanjing, Jiangsu Province, by Jiangsu Jiangnan Ecological Carbon Technology (Group) against another subsidiary, Jiangsu Keshine Environmental Protection, due to the infringement of technical secrets.

Recently, the court accepted the subsidiary's application for procuratorial supervision.

The machinery company's shares dropped 4% during the afternoon trade.

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