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The latest update is out from Strong Petrochemical Holdings Limited ( (HK:0852) ).
Strong Petrochemical Holdings has uncovered a series of unauthorized payments totaling HKD8.8 million made from a subsidiary’s bank account between December 2024 and January 2025, following a management change in January 2025. The payments, approved by former director Yao Guoliang and lacking supporting contracts or documentation, were made to several external entities whose services could not be substantiated.
The company and its subsidiary have filed a writ of summons in Hong Kong’s High Court against two former directors and the recipient entities, alleging breach of fiduciary duties, unjust enrichment, dishonest assistance, and related equitable claims. The group is seeking recovery of the disputed sum, additional damages, and other relief, while trading in its shares remains suspended and shareholders are urged to exercise caution.
More about Strong Petrochemical Holdings Limited
Strong Petrochemical Holdings Limited is a Hong Kong-listed company incorporated in the Cayman Islands, operating through its subsidiaries in the petrochemical sector. The group is engaged in petrochemical-related businesses, with its shares currently suspended from trading on the Hong Kong Stock Exchange pending further developments.
Technical Sentiment Signal: Sell
Current Market Cap: HK$352.5M
For a thorough assessment of 0852 stock, go to TipRanks’ Stock Analysis page.