Yongyue Science & Technology's (SHA:603879) controlling shareholder, Jiangsu Huaying Enterprise Management, agreed to terminate a share transfer deal worth 63 million yuan, according to a Shanghai bourse filing on Friday.
Under the voided deal signed in 2021, Jiangsu Huaying was supposed to receive 45,640,000 unrestricted shares in the company from another shareholder, Fu Wenchang.
Jiangsu Huaying will not be able to return the 63 million yuan it has already paid as a penalty following the termination, the synthetic resin manufacturer said.
The company's shares jumped less than 4% during afternoon trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments