SMM News: Huaming Electric Power equipment Co., Ltd. (hereinafter referred to as "the company") plans to purchase the equity of Linyi Xinhai New Materials Co., Ltd. (hereinafter referred to as "the target company") by means of asset exchange and issuance of shares, which is expected to constitute a major asset restructuring of listed companies. On July 10, 2020, the company, its controlling shareholder, Shanghai Huaming Power equipment Group Co., Ltd., and all shareholders of the underlying company (including Linyi Xintai Mining Co., Ltd., Shanghai Yuyue Enterprise Management Center, Shandong Xinhai Science and Technology Co., Ltd., Shanghai Jielu Enterprise Management Center) signed a "significant asset restructuring intention agreement".
In order to plan the relevant matters of this transaction, according to the relevant regulations of the Shenzhen Stock Exchange and upon the application of the company, the trading of the company's shares has been suspended since the opening of the market on July 13, 2020. The company disclosed the suspension notice of Huaming Electric Power equipment Co., Ltd. on planning major asset restructuring on July 13, 2020 (notice No.: (2020) 044).
Since the company planned this major asset reorganization, it has actively organized a working team, cooperated with intermediary agencies to promote audit and evaluation, and fulfilled the obligation of information confidentiality in accordance with the agreement. The other side of the transaction can not reach an agreement on the transaction intention and subsequent arrangements, and the subject party still lacks the basis for a comprehensive professional judgment on the advancing value and risk of the transaction, and the willingness to further promote the transaction is lack of support, and the other party demands termination. In order to safeguard the interests of all shareholders and the company, the company decided to terminate this major asset restructuring.
In accordance with the relevant provisions of the guidelines on Information Disclosure of listed companies on the Shenzhen Stock Exchange No. 3-Major Asset restructuring, upon application to the Shenzhen Stock Exchange, the shares of the company will resume trading on July 27, 2020.
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