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Yingde Gases, the Chinese industrial gases company that recently experienced a rare public boardroom battle, fell as much as 10 per cent on Tuesday after the company reported a Rmb143m ($20.8 million) loss in 2016.

The company reported a net loss for 2016, against a net profit of Rmb535.9m in the previous year. Its revenue rose 6 per cent to Rmb8.4bn.

The company said it was in talks with lenders after failing to fulfil a financial covenant requirement linked to a syndicated loan of $90m.

Yingde Gases shareholders voted in March to remove the company’s chairman, Zhao Xiangti and reinstate its two co-founders who were ousted at the end of last year.

Shares in the company fell as much as 10 per cent during early trading on Tuesday before easing to be down 4.7 per cent at HK$5.7 a share.

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