Beijing SinoHytec, Unit Named in 194 Million Yuan Civil Lawsuit
Beijing SinoHytec (HKG:2402, SHA:688339) and its wholly owned subsidiary, Tangshan Qianchen New Energy Development, have been named as defendants in a civil lawsuit in connection with vehicle procurement contracts, according to a Tuesday Hong Kong bourse filing.The lawsuit was filed by Foshan Feichi Automotive Technology with the Foshan Intermediate People's Court in Guangdong province.The plaintiff is seeking payment of about 194 million yuan, interest on the claimed amount, and an order holding Beijing SinoHytec jointly and severally liable for Tangshan Qianchen's alleged debt obligations.The company is seeking legal advice and currently expects the litigation will not have a material impact on the group's day-to-day operations.Hong Kong-listed shares of the firm were down nearly 4% in Wednesday afternoon trade.
