First Tractor (HKG:0038, SHA:601038) said its controlling shareholder, YTO Group, has terminated a previously announced share transfer agreement after a condition precedent could not be fulfilled, according to a Monday Hong Kong bourse filing.
Shares of the tractor company were up more than 1% in Tuesday morning trade in Hong Kong and Shanghai.
YTO remains the controlling shareholder of First Tractor, holding about 548.5 million A shares, or roughly 48.81% of the company's issued share capital.
First Tractor said the termination of the agreements will not have a material impact on its business or financial position.
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