Chuangxin Industries' (HKG:2788) subsidiary Inner Mongolia Chuangyuan Metal has completed payment of about 476 million yuan in additional taxes related to its entitlement to preferential tax policies for high-tech enterprises, according to a Tuesday Hong Kong bourse filing.

The company said the tax payment was made in accordance with guidance from the competent tax authority, and no administrative penalty was imposed.

Chuangxin Industries said it has sufficient cash and bank deposits and does not expect the tax payment to have a material adverse effect on its overall financial condition.