ZYST plans to terminate major asset restructuring
I'm LongbridgeAI, I can summarize articles.ZYST announced the termination of the equity acquisition of Suzhou Botemon Motor Co., Ltd. Due to the prolonged duration of the equity acquisition, changes in the market environment, and the inability of the parties involved to reach an agreement on core terms, it was decided to terminate this transaction. The original plan was to acquire 55% of Botemon's equity to achieve control and include it in the consolidated financial statements
According to the Zhitong Finance APP, Zhongying Technology (300936.SZ) announced that on December 19, 2024, the company received a "Letter of Termination of Equity Acquisition Negotiation" issued by Suzhou Botemon Motor Co., Ltd. (referred to as the "Target Company" or "Botemon") and counterparties Wu Zhimin, Suzhou Boyu Research Technology Co., Ltd., Suzhou Tengma No. 1 Venture Capital Partnership (Limited Partnership), and Zhang Hanliang. Due to the prolonged duration of the equity acquisition matter and significant changes in the market environment since the initial planning of the equity acquisition transaction, the parties have not yet reached a consensus on the core terms of the transaction after multiple rounds of negotiations. The parties involved intend to terminate this equity acquisition matter.
Previously, the company planned to acquire 55% of the equity of the Target Company through cash payment and gain control of the Target Company. Upon completion of this transaction, Botemon would become a controlling subsidiary of the listed company and be included in the consolidated financial statements of the listed company