China Tianrui Group Cement Company (HKG:1252) said winding-up proceedings have been filed against its controlling shareholder, Yu Kuo Company, according to a Tuesday Hong Kong bourse filing.
Shares of the cement maker fell nearly 17% in Wednesday's mid-day trade.
The company said China Vered Securities has been granted leave to substitute as the petitioner in the case.
The High Court has not issued any winding-up order at this stage, the filing said.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.