China Innovation Investment (HKG:1217) has issued a legal letter to Elife (HKG:0223), raising concerns over corporate governance and the validity of recent board actions, according to a Tuesday Hong Kong bourse filing.

Shares of China Innovation were down over 7% while Elife was down nearly 6% in Wednesday morning trade.

The company, a substantial shareholder of Elife, said the letter was sent on Jan. 26 through Hong Kong legal counsel, requesting rectification within a specified period.

China Innovation Investment said three individuals, Zhao Zhenzhong, Qin Jiali, and Guo Wei, were reappointed as executive directors on March 12, 2025, one day after their removal, but that their appointments automatically lapsed on Sept. 30, 2025, due to Elife's failure to hold an annual general meeting within the required timeframe.

As a result, the company said the individuals lacked lawful authority to act on behalf of Elife, and that any actions taken in that capacity, including the issuance of meeting notices, are invalid.

The filing also cited procedural deficiencies in Elife's annual general meeting notice dated Jan. 9, and extraordinary general meeting notice dated Jan. 15, alleging non-compliance with statutory notice periods.

China Innovation Investment said it has requested Elife to adjourn or cancel the general meetings scheduled for Jan. 30 and reserved all legal rights, including seeking court relief if necessary.