Zhejiang Yongtai Technology Sues Guangzhou Tinci Materials for 58 Million Yuan

MT Newswires Live07-04

Zhejiang Yongtai Technology (SHE:002326) and subsidiary Shaowu Yongtai Advanced Materials filed lawsuits against rival Guangzhou Tinci Materials (SHE:002709), seeking 57.5 million yuan in damages for reputational harm.

The company said Guangzhou Tinci Materials repeatedly published false accusations linking it to trade secret theft, aiming to damage its image and influence ongoing bids, according to a Friday filing with the Shenzhen bourse.

Meanwhile, Guangzhou Tinci Materials Technology has sued Zhejiang Yongtai Technology and 11 others for 887.1 million yuan in damages, alleging they stole its liquid lithium battery chemical technology.

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