Yongan Forestry loses RMB 32m securities misrepresentation appeal

Fujian Yongan Forestry Group has lost its final appeal in a securities misrepresentation case, with China's Fujian Provincial Higher People's Court upholding the original judgment.

The ruling confirms the company's liability of RMB 31,725,500 to Zhang Qiang and 16 other plaintiffs. Yongan Forestry had sought to overturn the initial ruling or secure a retrial.

The company had already provisioned for this amount in previous fiscal years.