Hong Kong Stock Movement | SINOHYTEC (02402) Surges Over 25% in Morning Trading After Partnering with Toyota to Establish Fuel Cell Company, Recently Announces Termination of Xuyang Hydrogen Energy Acquisition

Stock News09-22

SINOHYTEC (02402) surged over 25% in morning trading. As of press time, the stock was up 25.29% to HK$32.3, with a trading volume of HK$276 million.

On the news front, corporate records show that Huafeng Fuel Cell (Lvliang) Co., Ltd. was recently established with Yasuyuki Morioka as the legal representative and a registered capital of 10 million yuan. The company's business scope includes battery manufacturing, battery sales, battery component production and sales, automotive parts wholesale and retail, among others.

Corporate equity penetration data reveals that this company is wholly owned by Huafeng Fuel Cell Co., Ltd., which is jointly held by Toyota and SINOHYTEC.

Notably, SINOHYTEC recently announced the termination of its plan to issue shares to acquire 100% equity of Xuyang Hydrogen Energy and raise supporting funds. The transaction was terminated because the parties involved could not reach consensus on the final proposal.

According to previous announcements, Xuyang Group planned to exchange all equity of Xuyang Hydrogen Energy for SINOHYTEC A-shares. Additionally, Xuyang Group intended to invest no more than 550 million yuan to subscribe for SINOHYTEC A-shares at the aforementioned price. If the transaction had been completed, SINOHYTEC's controlling shareholder would have changed to Xuyang Group.

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