Ruixin Technology announced on August 13 that it has terminated the related-party transaction involving the issuance of shares and cash payment to acquire a 51% stake in Wuhu Deheng Automotive Equipment Co., Ltd., along with the associated fundraising. The company had previously planned to purchase the 51% stake from 10 counterparties including Tong Xiaoping and Zhang Yapeng, and to issue shares to no more than 35 qualified investors, including Huangshan Kaitou Lingdun Venture Capital Co., Ltd., to raise supporting funds. The termination was due to adverse changes in the target company's future profitability caused by the market environment.
Tianjin Ruixin Technology Co LtdTermination of planned acquisition and fundraising due to adverse changes in target's profitability.
