November 21 – Jiangsu Sihuan Bioengineering (000518.SZ) denied a rumor that it lost 100 million yuan in a patent scam, reports Securities Daily, citing a company filing. On November 14, the firm filed that the patent it purchased from a Beijing-based technology firm in exchange for a 45-percent interest in a wholly controlled subsidiary was proven to be invalid.

The Jiangyin-based biological medicine maker filed suit against the Beijing company, demanding it return the 45-percent interest in Beijing Sihuan.

Sihuan Bioengineering, which is also involved in the textile industry, expects net profits of between five and eight million yuan for the 2011 financial year. It earned roughly 5.57 million yuan in the first three quarters.
 

Source:CapitalVue