Huilong New Materials announced on September 30 that Shen Shunhua, the company's controlling shareholder and actual controller, had originally planned to transfer 6% of his company shares to Hangzhou Xingzhen Enterprise Management Partnership, a limited partnership. The two parties signed a Share Transfer Termination Agreement on September 30, agreeing to rescind the Share Transfer Agreement signed on March 4. The announcement stated that the termination of this share transfer was a genuine expression of intent reached through mutual agreement, and will not adversely affect the listed company's normal production and operations or the stability of its equity structure.
Zhejiang Huilong New Materials Co.Ltd.Controlling shareholder terminated a previously agreed 6% stake transfer to Hangzhou Xingzhen, a capital/ownership event with no stated operational impact.
