Court Deducts 8 Million Yuan From Mubang High-tech's Account in Loan Contract Dispute Case

Chinese shares made losses on Friday, cutting a three-day winning streak, as sentiment wavered over the upcoming talks with the US and a drop in China's trade balance in April.

The Shanghai Composite Index slid 0.3%, or 10.00 points, to cap the trading week at 3,342.00. The Shenzhen Component Index fell 0.7%, or 70.83 points, to 10,126.83.

Optimism over the talks between China and the US waned despite US President Donald Trump signaling that some tariffs on Chinese goods may be reduced ahead of the meeting in Switzerland.

US Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer are set to meet with Chinese Vice Premier He Lifeng in the weekend for talks that may mitigate the escalating trade war between the countries.

Compounding the market blow is China's trade surplus in April, which dropped to $96.2 billion from $102.6 billion in March despite strong export growth.

In corporate news, Mubang High-tech dropped 5% after the toy distributor was ordered by a court to pay Wuxi Lead Intelligent Equipment 42.5 million yuan to settle a sales contract dispute.

Shanghai Lingyun Industries Development slumped 5.3% despite its electricity revenue between January and April jumping 27% year on year to 38.9 million yuan.

Gemdale fell 3.5% as its contracted sales and contracted sales area in April both dropped 55% year on year.

Chinese shares made losses on Friday, cutting a three-day winning streak, as sentiment wavered over the upcoming talks with the US and a drop in China's trade balance in April.

The Shanghai Composite Index slid 0.3%, or 10.00 points, to cap the trading week at 3,342.00. The Shenzhen Component Index fell 0.7%, or 70.83 points, to 10,126.83.

Optimism over the talks between China and the US waned despite US President Donald Trump signaling that some tariffs on Chinese goods may be reduced ahead of the meeting in Switzerland.

US Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer are set to meet with Chinese Vice Premier He Lifeng in the weekend for talks that may mitigate the escalating trade war between the countries.

Compounding the market blow is China's trade surplus in April, which dropped to $96.2 billion from $102.6 billion in March despite strong export growth.

In corporate news, Mubang High-tech dropped 5% after the toy distributor was ordered by a court to pay Wuxi Lead Intelligent Equipment 42.5 million yuan to settle a sales contract dispute.

Shanghai Lingyun Industries Development slumped 5.3% despite its electricity revenue between January and April jumping 27% year on year to 38.9 million yuan.

Gemdale fell 3.5% as its contracted sales and contracted sales area in April both dropped 55% year on year.

A court ordered Mubang High-tech to pay 42.5 million yuan to machinery manufacturer Wuxi Lead Intelligent Equipment over a sales contract dispute, according to a Shanghai Stock Exchange filing on Friday.

Mubang initially paid 26.7 million yuan to Wuxi in March, but the fee was increased because the Chinese toy distributor did not fully comply with the mediation terms.

The People's Court of Xinwu District, Wuxi, China is also expected to lift the freeze on Mubang's accounts worth 34.9 million yuan after settling the dispute.

Mubang's shares closed 5% lower and Wuxi's shares closed less than 2% lower.

Chinese shares dropped as sentiment soured over more international tariffs being imposed on Chinese goods, particularly steel and aluminum.

The Shanghai Composite Index slipped 0.4%, or 13.90 points, to close Thursday's session at 3,332.48. The Shenzhen Component Index fell 0.8%, or 82.26 points, to 10,626.62.

The Indian government is looking at imposing a temporary tax of between 15% and 25% on Chinese steel as soon as six months to protect India's steel industry, Reuters reported Wednesday.

Steel Minister H.D. Kumaraswamy said that cheap imports, including those from China, are a "serious challenge" to Indian manufacturers.

The news followed the White House's 25% tariffs on Chinese steel and aluminum products.

In corporate news, Jiangxi Mubang High-tech fell 5% after a court ordered the freezing of 1.1 million yuan worth of a subsidiary's bank account amid a sales contract dispute case.

Liaoning Chengda dropped nearly 5% as it faces changes in its controlling shareholder.

Moreover, China XD Electric closed over 4% lower after its unit, GE Smallworld (Singapore), said it will dispose up to 3% of its holdings in the electrical equipment manufacturer.

Chinese shares dropped as sentiment soured over more international tariffs being imposed on Chinese goods, particularly steel and aluminum.

The Shanghai Composite Index slipped 0.4%, or 13.90 points, to close Thursday's session at 3,332.48. The Shenzhen Component Index fell 0.8%, or 82.26 points, to 10,626.62.

The Indian government is looking at imposing a temporary tax of between 15% and 25% on Chinese steel as soon as six months to protect India's steel industry, Reuters reported Wednesday.

Steel Minister H.D. Kumaraswamy said that cheap imports, including those from China, are a "serious challenge" to Indian manufacturers.

The news followed the White House's 25% tariffs on Chinese steel and aluminum products.

In corporate news, Jiangxi Mubang High-tech fell 5% after a court ordered the freezing of 1.1 million yuan worth of a subsidiary's bank account amid a sales contract dispute case.

Liaoning Chengda dropped nearly 5% as it faces changes in its controlling shareholder.

Moreover, China XD Electric closed over 4% lower after its unit, GE Smallworld (Singapore), said it will dispose up to 3% of its holdings in the electrical equipment manufacturer.

A court ordered the freezing of the bank accounts of Guangxi Mubang High-tech New Energy, a unit of Jiangxi Mubang High-tech , which amounted to 1.1 million yuan, according to a Shanghai Stock Exchange filing on Thursday.

The order came as the Chinese photovoltaic equipment manufacturer faces a sales contract dispute case with Wuxi Jiangsong Technology, the filing said.

The company's shares dropped 4% in recent trade.