Movement Alert｜China Innovation Rises 5.07% in Regular Trading, Stock Price Recovers After Subsidiary Completes RMB 476 Million Tax Payment

Market Focus06-09 16:01

On June 9, China Innovation (02788.HK) rose 5.07% in regular trading, trading at 19.73 HKD/share, with trading volume of approximately HKD 116 million.

On the news front, the stock rebounded following a 6.18% decline in the previous session triggered by concerns over a substantial tax payment by its subsidiary. The company previously announced that its subsidiary, Inner Mongolia Chuangyuan Metal Co., Ltd., was required to pay an additional RMB 476 million in taxes due to a review of its high-tech enterprise tax incentive eligibility. As of the announcement date, the full tax amount has been paid, with no administrative tax penalties involved.

The company emphasized that its cash and bank deposits remain ample, and the tax payment will not materially affect the group's overall financial position. The board confirmed that all other business segments, subsidiaries, and overseas operations continue to function normally, and the matter does not impact the group's ongoing operations or strategic initiatives. The recovery appears driven by market reassurance following full resolution of the tax matter without further regulatory consequences.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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.

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