Hanbang High-Tech announced on the evening of September 30 that the company's fifth board of directors, at its twelfth meeting, reviewed and approved a proposal to terminate the equity acquisition of Anhui Yilu Weixing Technology Co., Ltd., which had been in planning for more than a year and a half. The transaction originally proposed to purchase a 51% stake in Yilu Weixing from Shenzhen Gaodeng Computer Technology Co., Ltd. through the issuance of shares, and to raise supporting funds by issuing shares to Beijing Zhiyun Erling Technology Co., Ltd., wholly controlled by actual controller Li Ning. The deal was expected to constitute a major asset restructuring and a related-party transaction, but not a restructuring and listing. The target company, Yilu Weixing, was established in August 2017 with a registered capital of 100 million yuan, focusing on ETC issuance services and ETC value-added businesses. Hanbang High-Tech stated that because the transaction had taken a long time to advance and the current market environment had changed significantly compared with the early planning stage, after careful study and friendly consultation with the counterparty, it decided to terminate the deal, and pledged not to plan any major asset restructuring matters for at least one month from the date of the announcement. The company will hold an investor briefing online on October 9, with attendees including the general manager, board secretary and chief financial officer, as well as representatives from the counterparty and the target company.
Beijing Hanbang Technology CorpHanbang High-Tech terminates its planned acquisition of a 51% stake in Yilu Weixing after more than a year and a half, abandoning the major asset restructuring.
