China Innovation Investment (HKG:1217) said the proposed removal of certain directors the company appointed at Elife (HKG:0223) would constitute a breach of contract as per the subscription agreement entered by both parties, a Tuesday Hong Kong bourse filing said.
China Innovation Investment said the removal of certain directors would undermine its original intentions in investing in the company and contradict the mutual understanding between the two parties under the subscription agreement.
Certain minority shareholders of Ellife had proposed the removal of these directors and had asked for an extraordinary general meeting to be convened for its approval.
China Innovation Investment's shares closed over 8% higher on Tuesday.
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