Hao Bai International (Cayman) Limited (8431 HK) announced that its wholly owned subsidiary, China Bentley Investment Co., Ltd., and Mr. Hu Jianyong have decided not to proceed with their proposed joint venture agreement due to one of the agreement’s conditions being unfulfilled. The company has formally notified the partnering party to terminate both the agreement and the transactions contemplated therein.
The announcement states that the termination will not have any material adverse impact on the existing business, operations, or financial position of the group. According to the board, the decision was made to maintain the stability of the company’s current operations and financial health.
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