Huijin Shares announced on the evening of August 14 that, because the parties failed to reach agreement on core terms, it has terminated the planned major asset restructuring involving the cash purchase of a 20% stake in Cooper New Energy Co., Ltd. and the acquisition of voting rights representing no less than 31% of the company. The company pledged not to plan any major asset restructuring for at least one month from the date of the announcement, and said the termination will not have a material adverse impact on its production and operations. Huijin Shares had originally planned to enter the new energy sector through this transaction, after which Cooper New Energy would have become a controlling subsidiary of the company. The company has been incurring losses since 2022, and in the first quarter of this year it recorded revenue of 25.09 million yuan and a net loss attributable to the parent company of 9.29 million yuan.
Hebei Huijin Electromechanical Co LtdTermination of planned acquisition of Cooper New Energy, a major asset restructuring, with no new plan for at least a month.
The planned acquisition by Huijin Shares, which would have made Cooper New Energy a controlling subsidiary, has been terminated.
