Sinochem Equipment Technology Calls on Creditors to Settle Debts Before Share Buyback

Sinochem Equipment Technology Qingdao asked creditors to settle their debts starting Friday before its share buyback plan, according to a Shanghai bourse filing on the same day.

Creditors are allowed to submit debt claims until Aug. 4.

The machinery and equipment manufacturer plans to repurchase 795,089 shares, or 0.16% of the company's total share capital, for up to 9.8 million yuan.

After the share buyback, the company's registered capital will be reduced to 493.9 million yuan from 494.7 million yuan.

Sinochem Equipment Technology Qingdao plans to repurchase shares amounting to not less than 9.8 million yuan, according to a Shanghai Stock Exchange filing on April 30.

The machinery and equipment manufacturer will buy back up to 795,089 shares, representing 0.16% of the company's total share capital, for a maximum price of 12.37 yuan each.

The repurchased shares will be cancelled, reducing the company's shares to 493.9 million shares from 494.7 million shares, the filing said.

Sinochem Equipment Technology Qingdao plans to repurchase shares amounting to not less than 9.8 million yuan, according to a Shanghai Stock Exchange filing on April 30.

The machinery and equipment manufacturer will buy back up to 795,089 shares, representing 0.16% of the company's total share capital, for a maximum price of 12.37 yuan each.

The repurchased shares will be cancelled, reducing the company's shares to 493.9 million shares from 494.7 million shares, the filing said.

Sinochem Equipment Technology Qingdao , formerly KraussMaffei, incurred losses amounting to 7.61 billion yuan, exceeding one-third of the company's paid-in capital, according to a Shanghai Stock Exchange filing said on April 30.

The machinery and equipment manufacturer, as well as its predecessors, have accumulated the losses since 2006. Continued losses at China National Chemical Equipment (Luxembourg) and its subsidiary, KraussMaffei Group, were a major factor for the accrued losses as they were affected by external factors and Europe's persistent inflation.

The company's paid-in capital was at 494.7 million, the filing said.

This article was automatically generated by Dow Jones using technology from Automated Insights.

Stocks in Greater China fell on Friday.

Hong Kong's Hang Seng Index slipped 0.9% to 19071.62, and China's Shanghai Composite Index fell 1.3% to 3168.52. The Taiwan Taiex index slipped 0.3% to 23011.86.

Among Hang Seng constituents, Haidilao International Holding Ltd. posted the largest decline, falling 4.7%, followed by shares of China Life Insurance Co. Ltd., which fell 4.5%. Shares of Lenovo Group Ltd. fell 4.5%.

Semiconductor Manufacturing International Corp. was the biggest gainer among companies on the Hang Seng, gaining 3.3%, and Zijin Mining Group Co. Ltd. gained 3.0%. Wuxi Biologics (Cayman) Inc. rounded out the top three movers on Friday, as shares gained 2.2%.

Among large mainland China stocks, Fujian Dongbai (Group) Co. Ltd. A posted the largest decline, dropping 10%, followed by shares of Xinjiang Youhao Group Co. Ltd., which dropped 10%. Shares of KraussMaffei Co. Ltd. A dropped 10%.

Guangdong Skychem Technology Co. Ltd. A was the biggest gainer during the session, surging 12%, and Shanghai Bright Power Semiconductor Co. Ltd. A surged 10%. Founder Technology Group Co. Ltd. A rounded out the top three movers on Friday, as shares surged 10%.

In Taiwan, Xavi Technologies Corp. posted the biggest decline among large companies, dropping 10%, followed by shares of FitTech Co. Ltd., which dropped 9.8%. Shares of Vactronics Technologies Inc. dropped 9.5%.

Vivotek Inc. was the biggest gainer among large Taiwan companies during the session, surging 10%, and Adimmune Corp. surged 9.8% Formosa Oilseed Processing Co. Ltd. rounded out the top three movers, as shares surged 8.8%.

On the currency front, the onshore yuan held steady against the U.S. dollar at CNY7.33 while the New Taiwan dollar weakened 0.3% against the U.S. dollar at NT$32.97.

Data source: Dow Jones Market Data, FactSet

This article was automatically generated by Dow Jones using technology from Automated Insights.

Stocks in Greater China gained on Thursday.

Hong Kong's stock exchange was closed, while China's Shanghai Composite Index rose 0.1% to 3398.08. The Taiwan Taiex index rose 0.1% to 23246.94.

Among large mainland China stocks, Zbit Semiconductor Inc. A was the biggest gainer during the session, surging 20%, and VeriSilicon Microelectronics Shanghai Co. Ltd. A surged 16%. Suzhou Recodeal Interconnect System Co. Ltd. A rounded out the top three movers on Thursday, as shares surged 15%.

Yunnan Yunwei Co. Ltd. A posted the largest decline, dropping 10%, followed by shares of KraussMaffei Co. Ltd. A, which dropped 10%. Shares of Qingdao Topscomm Communication Inc. dropped 10%.

In Taiwan, SYNergy ScienTech Corp. was the biggest gainer among large companies during the session, surging 10%, and HTC Corp. surged 10% Genius Electronic Optical Co. Ltd. rounded out the top three movers, as shares surged 10%.

Johnson Health Tech Co. Ltd. posted the largest decline, dropping 7.4%, followed by shares of Ability Enterprise Co. Ltd., which dropped 7.0%. Shares of Taiwan Chelic Corp. Ltd. dropped 6.7%.

On the currency front, the onshore yuan held steady against the U.S. dollar at CNY7.30 while the New Taiwan dollar weakened 0.2% against the U.S. dollar at NT$32.74.

Data source: Dow Jones Market Data, FactSet