China Minsheng Banking Agrees on Settlement With Aoyuan Beauty Valley Tech's Subsidiary

MT Newswires Live

Jul 07

China Minsheng Banking (HKG:1988, SHA:600016) withdrew its lawsuit against Aoyuan Beauty Valley Technology's (SHE:000615) subsidiary, Guangzhou Aomei Industrial Investment, after agreeing to a settlement, according to a Shenzhen bourse disclosure on Saturday.

Aoyuan Beauty's shares closed less than 1% lower, while China Minsheng Banking's Shanghai shares closed over 3% higher on Monday.

The lender demanded a payment of 365.7 million yuan from the beauty products manufacturer through a compulsory enforcement filed at the Guangzhou Intermediate People's Court after Guangzhou Aomei failed to pay its debt.

Guangzhou Aomei was ordered to auction its mortgaged property in Panyu District, Guangzhou, China, but the auction was canceled following the settlement.

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