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Shanghai Phoenix Enterprise Group plans to scrap and dispose of assets worth 82.2 million yuan after they were damaged by a fire a year ago, according to a Shanghai Stock Exchange filing on April 30.
The incident on Dec. 7, 2024 resulted in losses in the assets of the company's subsidiary, Tianjin Aisike Automotive, and Tianjin Tianren Vehicle Materials.
The assets included inventory, buildings, and machinery, which can no longer be used.
The losses will be accounted as non-operating expenses of the Chinese manufacturer of bicycles, mopeds, and motorcycles, reducing the group's attributable net profit in 2024 by 59%, the filing said.
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