SINOHYTEC Terminates Acquisition of Xuyang Hydrogen Energy Due to Disagreement on Final Terms

Deep News09-07

SINOHYTEC (688339/02402) announced the termination of its share issuance plan to purchase assets and raise supporting funds in a related party transaction. The decision was approved at the company's fourth board of directors' third meeting held on September 5, 2025, with a unanimous vote of 8 in favor, 0 against, and 0 abstentions.

The original transaction planned to acquire 100% equity of Dingzhou Xuyang Hydrogen Energy Co., Ltd. through share issuance while raising supporting funds. The termination was attributed to the inability of transaction parties to reach consensus on the final arrangement. To protect the long-term interests of the listed company and its investors, the company decided to terminate the transaction after friendly consultations with all parties involved.

The announcement stated that the transaction termination will not have a material adverse impact on the company's production operations and financial condition. In the first half of 2025, SINOHYTEC recorded revenue of 71.93 million yuan and a net loss attributable to parent company shareholders of 163 million yuan.

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