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Shengli Oil & Gas Pipe Holdings Ltd. ( (HK:1080) ) has provided an announcement.
Shengli Oil & Gas Pipe Holdings Ltd. announced a litigation involving its subsidiaries, Zhejiang Shengguan Industrial Co., Ltd. and Shandong Shengli Steel Pipe Co., Ltd., related to an arbitration judgment. The judgment required Xinfeng Energy Enterprise Group Co., Ltd. to pay Gansu Keyao Electric Power Co., Ltd. a sum of RMB17,195,839.93, which was not paid on time, leading to further legal actions. The court ruled that Hangzhou Hanyue New Energy Co., Ltd. and Zhejiang Shengguan are liable for supplementary compensation, with Zhejiang Shengguan’s appeal against this judgment being dismissed. This litigation highlights potential financial liabilities for Shengli’s subsidiaries and underscores the complex legal challenges the company faces in its operations.
More about Shengli Oil & Gas Pipe Holdings Ltd.
Shengli Oil & Gas Pipe Holdings Ltd. is a company incorporated in the Cayman Islands, operating in the oil and gas industry. The company, along with its subsidiaries, is involved in the production and supply of oil and gas pipes, focusing on providing essential infrastructure for energy enterprises.
YTD Price Performance: 122.58%
Average Trading Volume: 6,980,133
Technical Sentiment Signal: Buy
Current Market Cap: HK$267.3M
For a thorough assessment of 1080 stock, go to TipRanks’ Stock Analysis page.