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Xtep Involved In Wage Arrears

|Includes:Xtep International Holdings Ltd. ADR (XTEPY), XTPEF

Prepared by ChinaScope Financial | Source:Securities Daily

  • It is reported that Xtep (China) Co., Ltd., the parent company of Xtep International Holdings Ltd. (01368: HKG), had planned to relocate some departments of its Guangzhou-based subsidiary to Xiamen. As a result, more than 40 employees decided to leave the company and asked Xtep to pay their overtime rates. Sources said Xtep need to pay a total of CNY 3.3 million (CNY 1.5 million overtime pay and CNY 1.8 million employee social insurance expenses).
  • The staffers and Xtep have agreed to dissolve the problem via lawsuits.