China Risun, SinoHytec Scrap Hydrogen Energy Disposal, Capital Increase Talks

MT Newswires Live09-08

China Risun Group (HKG:1907) has terminated a framework agreement with Beijing SinoHytec (HKG:2402, SHA:688339) on a potential disposal and capital increase after failing to agree on definitive terms, according to a Sept 5 Hong Kong bourse filing.

Shares of Risun were up over 2% while Hong Kong-listed shares of Sinohytec were down over 5% in Monday's mid-day trade.

In March, SinoHytec had outlined plans to acquire Risun's stake in Dingzhou Risun Hydrogen Energy through consideration shares, while also raising 550 million yuan via a new share issue.

Risun said the move will not materially affect its operations or financial position.

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