HK Stock Market Move | PRINX CHENGSHAN (01809) fell more than 7% in the final trading session, Thailand tire production base temporarily suspended production. The company stated that it is actively negotiating with the IEAT.
As of the end of trading, Wu Lin Cheng Shan (01809) fell more than 7%, reaching 7.94%, reporting 6.96 Hong Kong dollars, with a turnover of 13.0528 million Hong Kong dollars.
PRINX CHENGSHAN (01809) fell more than 7% in the final trading session, dropping 7.94% to 6.96 Hong Kong dollars with a turnover of 130.528 million Hong Kong dollars.
On the news front, PRINX CHENGSHAN announced that its wholly-owned subsidiary Prinx Thailand has received a temporary production halt notice from the Industrial Estate Authority of Thailand (IEAT). The main reasons cited were the alleged violation of Thai industrial waste management regulations in the handling of carbon black packaging bags, and awaiting inspection of waste emissions from the expanded production line. Prinx Thailand has temporarily ceased production to implement corrective measures and resolve the issue, and has appointed lawyers to handle the matter.
The announcement stated that Prinx Thailand has suspended production at its manufacturing base for rectification purposes, and has appointed lawyers to manage the issue. The company is actively negotiating with IEAT to determine the duration of the production halt, which is expected to be clarified within 1 to 2 weeks. PRINX CHENGSHAN stated that if the production halt is short, it is not expected to have a major impact on its financial condition, and updates on the resumption of production will be disclosed promptly based on progress. It is worth noting that the IEAT is quoted by Thai media as using strong language, stating that a factory has been "permanently closed". Analysts suggest that further developments need to be monitored.
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