(Yicai Global) Feb. 13 -- Shares of Tianjin Port Group, one of China's main port operators, fell after the company said it had uncovered a case of suspected fraud at a subsidiary.

Tianjin Port [SHA:600717] closed 1.6 percent lower today at CNY5.56 (80 US cents), after falling earlier in the day as much as 2.8 percent.

The company, headquartered in the northern coastal city of Tianjin, announced yesterday that an employee in the financial department of its wholly owned unit Tianjin Port Coke Terminal was suspected of embezzling CNY150 million (USD21.5 million) of public funds and that the firm's financial data could be hit as a result.

Tianjin Port Coke Terminal had net profit of CNY1.9 million (USD275,504) in the first half of last year, according to Tianjin Port's earnings report. The alleged embezzlement even exceeds Tianjin Port's net profit of CNY146 million in the first quarter of 2019.

Tianjin Port also noted that the local regulator has charged the staffer with suspected abuse of office. The investigation is ongoing.

The company has been cooperating with regulators to investigate the case and retrieve the funds involved, Tianjin Port said, adding that it will also launch a comprehensive inspection of fund management at the firm and its units.

Editor: Peter Thomas