FAR International Discloses Court Summons Over Cross-Border Import Case at PRC Subsidiary

FAR International Holdings Group Company Limited ( (HK:2516) ) has shared an update.

FAR International Holdings Group Company Limited has disclosed that its subsidiary Hangzhou FAR International Logistics Shareholding Co. Ltd and two of its employees have been summoned by the Intermediate People’s Court of Hangzhou over an alleged smuggling of ordinary goods case linked to cross-border e-commerce import activities between July 2017 and June 2018. Authorities allege that a customer underreported imports and that the then head of Hangzhou FAR’s import business department and subordinates failed in their review and oversight duties, causing losses to national tax revenue; however, the company’s PRC legal advisers have indicated current executives and directors are not implicated, any penalty would likely be limited to a fine in the range of several million renminbi, and the matter is not expected to have a material adverse impact on the group’s financial performance, though shareholders and investors are urged to exercise caution while the case proceeds.

The most recent analyst rating on (HK:2516) stock is a Hold with a HK$0.71 price target. To see the full list of analyst forecasts on FAR International Holdings Group Company Limited stock, see the HK:2516 Stock Forecast page.

More about FAR International Holdings Group Company Limited

FAR International Holdings Group Company Limited, incorporated in the Cayman Islands and listed in Hong Kong, operates through subsidiaries including Hangzhou FAR International Logistics Shareholding Co. Ltd, which is engaged in cross-border e-commerce import customs clearance and logistics services in mainland China.

Average Trading Volume: 1,432,982

Technical Sentiment Signal: Buy

Current Market Cap: HK$708.4M

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