CHINA RISUN GP (01907.HK) announced that it, along with Xuyang Coal Chemical, Shenzhen Capital Group, Agricultural Bank of China Asset Management, and TJBE, has decided not to proceed with the proposed transaction involving the sale of equity in Cangzhou Xuyang Chemical Co., Ltd. in exchange for consideration shares to be issued by TJBE.

The parties today (14th) entered into a termination agreement, mutually agreeing to terminate the agreement and release and discharge each other from their respective obligations under the agreement, effective from the date of the termination agreement.

The board believes that terminating the agreement will not have any significant adverse impact on the group's business operations and financial condition. The group will also continue to seek any potential strategic cooperation opportunities with TJBE