Zhitong Finance App News, Country Garden Services (06098) and Hefu Huihuang (00733) jointly announced that on February 7, 2024, the parties to the strategic cooperation agreement signed an agreement to terminate the strategic cooperation agreement after considering (including) current market conditions, recent capital market fluctuations, changes in the contractors' expectations of the execution schedule of the underlying transaction, and potential strategies and cooperation goals, and other factors, so the subscription will not proceed. For the above reasons, discussions between Country Garden Property Hong Kong and China-net Holding Ltd. on a possible acquisition have also been terminated and will not continue.
According to the termination agreement, all prior obligations and liabilities of Country Garden Properties Hong Kong, Mr. Fu Weicong, China-net Holding Ltd., and Hefuhuihuang under the strategic cooperation agreement will be immediately and fully terminated, with immediate effect.
Despite the above termination, the parties are expected to continue friendly discussions to explore plans to deepen long-term strategic cooperation between Country Garden Service Group and Hefu Huihuang Group, with a view to achieving business synergy in the field of real estate agency services.
For the purposes of the Takeover Code, the offer period beginning November 6, 2023 ends on the date of this Joint Announcement.