Gelonghui, December 27, 丨 Asia Resources (00899.HK) announced that in view of the downturn in the Chinese property market and the decline in demand for furniture, Hongjun and the joint venture partner entered into a termination agreement on December 27, 2023. According to this, the contracting parties have mutually agreed to terminate the joint venture agreement and mutually cancel and exempt them from their respective responsibilities to each other under the joint venture agreement, except for such continuing provisions (including provisions relating to confidentiality) under the joint venture agreement, which will take effect from the date of termination of the agreement.
No bonus shares have been issued to date, and no bonus shares will be issued after the termination. The contracting party intends to wind up the joint venture upon termination of the matter. On the date of the announcement, apart from the initial costs and professional expenses arising from the establishment of the joint venture, the company did not pay any other significant expenses in accordance with the joint venture agreement.