July 7 -- Dalian Zhangzidao Fishery Group (002069) is facing a lawsuit and demands for compensation of 28 million yuan, reports National Business Daily.

On June 26, typhoon Milei blew the fishery’s cages and aquatic products into maritime property belonging to Weihai Changqing Ocean Science & Technology, which processes and trades seaweed and fish. The fish cages then pushed over several of Changqing’s support structures, resulting in losses of their aquatic products.

On June 27, Zhangzidao Fishery attempted to collect its scattered equipment and products, but Changqing prevented the company from entering its property and demanded an eight million-yuan deposit before proceeding. On June 29, Zhangzidao agreed to the condition and began foraging for its lost assets.
 
An unnamed insider says that as Changqing’s now-damaged support structures and aquatic products were very expensive, the company has submitted the case to the court in the hope of obtaining compensation for them.

Zhangzidao Fishery was founded in 1958 and farms and sells seafood including scallops, squid, prawns, and sea urchins.

Source:capitalvue