HyUnion (SHE:002537) canceled the sale of its entire stake in smart payment platform UMPay to Tianjin Tongrong E-commerce, according to a Wednesday after-hours filing with the Shenzhen bourse.
The transaction, first announced in 2024, did not obtain regulatory approval, leading to the cancellation.
UMPay's 60 million yuan debt to an affiliate of Tianjin Tongrong was also forgiven, the filing said.
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