Prinx Chengshan (HKG:1809) subsidiary Prinx Chengshan Tire North America will recall 541,632 snow tires from the market due to safety concerns, according to a Tuesday filing with the Hong Kong Exchange.
The tires lack sufficient traction in accordance with US federal snow driving regulations, which can increase the likelihood of a crash, the filing said.
Prinx Chengshan is still examining the impact of the recall on its financials, the filing said.
Shares of the company plunged over 3% in morning trade Wednesday.
Price (HKD): $7.67, Change: $-0.25, Percent Change: -3.16%
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