Kangqiao Service Seeks PRC Supreme Court Retrial Over RMB473.7 Million Subsidiary Judgment
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Kangqiao Service Group Limited has announced its application for a retrial at the Supreme People’s Court of China regarding a previous judgment that held its subsidiary liable for RMB473.7 million. The company argues that the appellate court misapplied PRC company law and misjudged the relationship with Henan Chengqiao. The controlling shareholder has committed to indemnify the company for any losses. The subsidiary's bank balances of RMB212 million are under judicial enforcement, but the company asserts this issue does not affect its other operations.
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