Khoon Group (HKG:0924) was informed that the company and its controlling shareholder Chen Zhi were placed on the US and the UK's sanctions lists, according to a Hong Kong bourse filing on Wednesday.
Shares of the engineering firm fell over 9% in morning trade Thursday.
The firm said it did not have any business operations or assets or property in either of the countries, and denied that its board or members of senior management were involved in any activity that could lead to sanctions.
Khoon Group said it did not expect the sanctions to have any material impact on its business, and that it was seeking legal advice on the development.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.