(Yicai Global) Nov. 16 -- Shares of Chinese automation equipment maker Sciyon Wisdom Technology Group slumped after the firm revealed that some CNY295 million (USD46.3 million) worth of its unit's time deposits has been pledged by an unrelated party.

Sciyon's stock price [SHE: 002380] plunged as much as 7.2 percent to CNY12.94 (USD2) intraday. The all-time high for the shares has been CNY43.56, logged in the second quarter of 2015.

The company has reported the case to the local police and the Jiangsu Office of the China Banking and Insurance Regulatory Commission, the Nanjing-based control system manufacturer said in a statement yesterday.

The firm's wholly-owned unit Sciyon Wisdom Energy Investment had CNY345 million of time deposits in the Nantong branch of Shanghai Pudong Development Bank as of yesterday. Some CNY295 million of that is pledged while CNY40 million of the sum is overdue.

The matured CNY40 million was pledged as a guarantee for Nantong-based Ruihao International Trade to issue bank acceptance bills, the lender said to Sciyon. Ruihao has failed to repay its debts on time, it added.

The whole incident is a surprise to Sciyon. "The company has no knowledge of the pledge, and has clearly requested the Nantong branch of SPDB to provide valid certification documents," the firm said, adding that it hasn't yet seen such documents.

The person in charge of the bank branch said that the lender will actively cooperate with the police investigation while confirming that SPDB and Sciyon have business relations, involving deposits, according to Brokerage China.

Sciyon's operations are all normal and have not been affected by the incident, it added.

Editor: Emmi Laine, Xiao Yi