China’s Bluestar sues Dongyue for silicone rights

10 December 2007 03:54  [Source: ICIS news]

SINGAPORE (ICIS news)--China National Bluestar Group has sued Dongyue Group for infringing intellectual property rights at its silicone business, Dongyue said on Monday.

Bluestar was claiming damages of yuan (CNY) 100m ($13.5m) or more, Dongyue said in a statement on the Hong Kong stock exchange, adding that it was prepared to fight the case.

Dongyue has entered into valid contracts with third parties and legally contracted the intellectual property rights for its silicone business, it said.

The lawsuit was filed after Dongyue’s initial public offering closed on 2 December, the company said.

Dongyue’s shares fell 19.3% on Monday, its first day of trade, to Hong Kong dollar (HK$) 1.81 ($) 0.23.

($1=CNY7.40/HK$7.79)

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