---
title: "CITMS: Termination of the issuance of shares and cash payment for asset acquisition and fundraising of supporting funds"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/258045495.md"
description: "CITMS announced the termination of the plan to issue shares and pay cash to acquire 100% equity of Shenzhen Xinghe Power Technology Co., Ltd., and to stop raising supporting funds. This decision is due to the failure to reach an agreement with the counterparty on core terms, aimed at protecting the interests of the company and all shareholders. The company commits not to plan any major asset restructuring matters for at least one month after the announcement"
datetime: "2025-09-19T08:49:40.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/258045495.md)
  - [en](https://longbridge.com/en/news/258045495.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/258045495.md)
---

# CITMS: Termination of the issuance of shares and cash payment for asset acquisition and fundraising of supporting funds

CITMS announced that the company will hold a board of directors and supervisory board meeting on September 19, 2025, to review and approve the proposal to terminate the issuance of shares and cash payment for asset acquisition and the related fundraising and related party transaction matters. The company intends to acquire 100% equity of Shenzhen Xinghe Power Technology Co., Ltd. held by Xinghe Power Technology Co., Ltd. through the issuance of shares and cash payment, and to issue shares to no more than 35 specific investors to raise supporting funds. Due to the company's failure to reach an agreement with the counterparty on some core terms of the transaction plan, it has decided to terminate this transaction to protect the interests of the company and all shareholders. The company promises not to plan any major asset restructuring matters for at least one month from the date of the announcement

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