Chuangxin Industries Holdings Limited announced that its wholly owned subsidiary, Inner Mongolia Chuangyuan Metal Co., Ltd., has completed payment of RMB476.00 million in additional taxes linked to the revocation of previously enjoyed high-tech enterprise tax incentives. The settlement was made in full following guidance from the competent tax authority and incurs no administrative penalties.

Management stated that all other business segments, subsidiaries and overseas projects remain in normal operation. The group holds sufficient cash and bank deposits, and therefore expects no material adverse effect on overall financial position or ongoing strategic initiatives.

The board reiterated that shareholders and potential investors should exercise caution when dealing in the company’s shares.