Huilong New Materials' controlling shareholder and actual controller Shen Shunhua has terminated the planned agreement-based transfer of a 6% stake in the company to Hangzhou Xingzhen Enterprise Management Partnership, a limited partnership. According to a disclosure by Huilong New Materials, Shen Shunhua had originally planned to transfer 7.0182 million unrestricted tradable shares, representing 6% of the listed company's total share capital, to Hangzhou Xingzhen through an agreement-based transfer. As of the disclosure date, the registration procedures for the proposed share transfer had not yet been completed. On September 30, Huilong New Materials received notice from Shen Shunhua that during the agreement performance period, Hangzhou Xingzhen failed to pay the full share transfer price within the agreed timeframe. Following friendly negotiations, the two parties signed a share transfer termination agreement. Huilong New Materials stated that the termination of this share transfer was a genuine expression of intent reached through mutual agreement and will not adversely affect the company's normal production and operations or the stability of its shareholding structure.
Zhejiang Huilong New Materials Co.Ltd.Termination of the controlling shareholder's 6% stake transfer to Hangzhou Xingzhen after the buyer failed to pay in full; company says no adverse effect on operations or shareholding stability.
Hangzhou Xingzhen failed to pay the full share transfer price within the agreed timeframe, causing the 6% stake transfer agreement to be terminated.
