New City Development Group Limited (HK:0456) has released an update.
New City Development Group Limited faces a legal setback as its subsidiaries’ appeal against a RMB 57.90 million breach of contract ruling was dismissed by a PRC court. The company, which is currently considering seeking a re-trial, assures shareholders that the court decisions do not materially impact its financial health or operations. Shareholders are cautioned to be prudent in their dealings with the company’s securities.
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