CANNY Elevator terminates the sale of all equity interests in its wholly-owned subsidiary
CANNY Elevator announced the termination of the equity acquisition contract with Zhongshan Xiwai Construction Investment Co., Ltd. The reason is that the counterparty failed to obtain all necessary approvals within the agreed timeframe, resulting in Suzhou Xinda not receiving the first phase transfer payment. According to the supplementary agreement, the contract is automatically terminated, and all parties bear no liability for breach of contract
According to the announcement from CANNY (002367.SZ), the company has agreed that its subsidiary Suzhou Xinda Elevator Components Co., Ltd. (hereinafter referred to as "Suzhou Xinda" or "transferor") will sign a "Share Acquisition Contract" with Zhongshan Xiwai Construction Investment Co., Ltd. (hereinafter referred to as "Xiwai Investment", "counterparty" or "transferee") and Guangdong CANNY Elevator Co., Ltd. (hereinafter referred to as "wholly-owned subsidiary", "Guangdong CANNY", "target company" or "target asset"), agreeing that Suzhou Xinda will transfer 100% equity of the target company to the transferee for 343 million yuan.
To protect the company's legal rights and interests, the management has maintained active communication with the counterparty and followed up on the progress of the counterparty's approval work for the "Share Acquisition Contract". As of the announcement date, the counterparty has not obtained approval from all authorized departments within the agreed timeframe, and Suzhou Xinda has not received the first installment of the transfer payment from the counterparty. According to the "Supplementary Agreement", the "Share Acquisition Contract" will automatically terminate immediately, and all parties will not bear any liability for breach of contract
