Sony Financial fell as high as 7% in early trading and was suddenly suspended at noon until the close. Coincidentally, a piece of bad news was announced after the day.
Sony Financial announced in the evening that the company decided to stop planning to purchase a 75.62% stake in Bic Power by means of a major asset exchange and issuing shares to purchase assets, and the shares will resume trading on April 1. As for the reasons for terminating the restructuring, Sony Financial said it was unable to agree on some of the core terms of the deal with the main counterparties to the deal.
A few days ago, prescient investors asked on Interactive whether the company had failed to restructure.
Sony Financial announced on November 10, 2021 that it would buy no less than 51% of Bic Power and cut into the domestic lithium-ion battery industry. Before that, the share price had changed obviously, with the highest share price rising more than 1.7 times from the end of October to December 17.
The possibility that restructuring may fail is not without warning. On November 28, just days after the announcement of the acquisition of Bic Power, Sony Financial received an inquiry asking whether there was a leak of inside information.
On November 29, Sony Financial announced that the restructuring may be suspended, terminated or cancelled because of possible insider trading.
According to public data, Sony Finance is mainly engaged in financing guarantee, small loans, pawn, financial leasing, online loan information intermediary services, software and information technology services.
Bic Power is a well-known manufacturer in the lithium battery industry, which has developed 4680 cylindrical batteries with all-polar ears. Bick's parent company, China Bic Battery Co., Ltd. (CBAT.O), is the first Chinese lithium battery company to enter the Nasnak market in the United States. it is one of the few power battery companies that use high-nickel materials, and once occupied about 30% of the ternary market.
Ending the acquisition of Bic Power is not the first bad news for Sony Financial in recent days. On March 21, Sony Financial announced that shareholders of Conch cement intend to reduce their holdings of the company by no more than 1%. The annual report for 2021 was disclosed on March 25, showing a net profit loss of 300 million yuan for the whole year.
In addition, the seller's organization shows little interest in the company, with a recent research report dating back to October 23, 2017.
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