August 22, 2017 6:54 PM ET

Textiles, Apparel and Luxury Goods

Company Overview of Quanzhou Tianyu Chemical Fiber & Weaving Industry Co., Ltd.

Company Overview

Quanzhou Tianyu Chemical Fiber & Weaving Industry Co., Ltd. manufactures and sells nylon fibres. The company manufactures full drawn yarn, high oriented yarn, air textured yarn and drawn textured yarn. Quanzhou Tianyu Chemical Fiber & Weaving Industry Co., Ltd. was incorporated in 2002 and is based in China. Quanzhou Tianyu Chemical Fiber & Weaving Industry Co., Ltd. operates as a subsidiary of China Sky Chemical Fibre Co., Ltd.

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China

Founded in 2002

Key Executives for Quanzhou Tianyu Chemical Fiber & Weaving Industry Co., Ltd.

Quanzhou Tianyu Chemical Fiber & Weaving Industry Co., Ltd. does not have any Key Executives recorded.

Quanzhou Tianyu Chemical Fiber & Weaving Industry Co., Ltd. Key Developments

China Sky Chemical Fibre Co., Ltd Announces the Receipt of an Order of Court from the Fujian Quanzhou Licheng District People's Court Against Quanzhou Tianyu Chemical Fiber & Weaving Industry Co., Ltd and Tianjian Special Polymede Fibre Technology Fujian Co., Ltd

China Sky Chemical Fibre Co., Ltd. announced the receipt of an order of court from the Fujian Quanzhou Licheng District People's Court against a subsidiary of the Company, Quanzhou Tianyu Chemical Fiber & Weaving Industry Co., Ltd. on 18 July 2016 to compensate a total amount of approximately RMB 800,000 to 34 previous employees of the Company who have been laid off. The Company has paid a total of approximately RMB 330,000 to 9 of the claimants. Legal proceedings had been commenced by China Construction Bank against the Company and/or its subsidiaries with the Quanzhou People’s Intermediary Court. Based on a preliminary court search carried out with the PRC Court on 11 August 2016, there have been at least 5 lawsuits filed by CCB with the PRC Court against two subsidiaries of the Company, namely, TianYu and Tianjian Special Polymede Fibre Technology Fujian Co., Ltd. The Company is not currently able to obtain further information of the legal proceedings until a duly signed power of attorney from Tianyu and Tianjian is submitted to the PRC Court. The Company is in the process of engaging suitable PRC counsel to proceed with the power of attorney and to carry out further investigations into the legal proceedings mentioned above. On 12 August 2016, the Board has received confirmation from the management of its subsidiaries that salaries/wages of approximately RMB 3.6 million and social security/insurance contributions of approximately RMB 8.1 million remain outstanding. As far as the Board is aware, no lawsuits have been filed against the Company and/or its subsidiaries in this regard. The management is in discussions/negotiations with the relevant PRC authorities on the settlement of the outstanding amounts.

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