China National Chemical Engineering (SHA:601117) subsidiary China Chemical Sedin Ningbo Engineering was listed as a co-defendant in a securities fraud lawsuit filed by Kangdexin Composite Group.
The plaintiffs are seeking over 4.1 billion yuan in damages related to alleged misrepresentation, according to a Monday filing with the Shanghai bourse.
The construction company said the unit did not knowingly participate in any fraud and preliminarily assesses the litigation will not materially impact its profits. The court has yet to schedule a hearing.
Shares of the construction company were down 1% in recent trade.
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