The latest update is out from Weiye Holdings Limited ( (HK:1570) ).
Weiye Holdings Limited announced that its subsidiary, Henan Weiye, has transferred its 51% equity interest in Henan Hanfang Yaoye Co., Ltd. back to Mr. Feng following a court ruling. Despite winning the case, Henan Weiye has yet to receive the RMB160 million payment from Mr. Feng, prompting the company to take legal actions, including freezing Mr. Feng’s assets, to enforce the court order. This development marks a significant shift in Weiye Holdings’ investment strategy and may impact its financial standing until the payment is resolved.
More about Weiye Holdings Limited
Weiye Holdings Limited, incorporated in Singapore, operates in the construction and development industry. The company, through its subsidiary Henan Weiye Construction Development Group Co., Ltd., focuses on land use rights development projects, particularly in Zhengzhou City, Henan Province.
YTD Price Performance: 17.80%
Average Trading Volume: 20,064
Technical Sentiment Consensus Rating: Buy
Current Market Cap: HK$272.6M
Learn more about 1570 stock on TipRanks’ Stock Analysis page.