Gelonghui, Feb. 19, | Shaoyang Hydraulic (301079.SZ) announced that the company signed the “Letter of Intent to Acquire Ningbo Weeks Hydraulic Co., Ltd.” on May 19, 2023, to acquire 78% of Ningbo Weeks Hydraulic Co., Ltd. (“Ningbo Weeks” or the “Target Company”) through its own or self-funded means to become the controlling shareholder of Ningbo Weeks (hereinafter referred to as the “transaction”). Now, after careful research and friendly negotiations with relevant counterparties, the company has decided to stop planning this major asset restructuring.
Since the publication of the indicative announcement of this major asset restructuring, the company has actively organized all parties to the transaction and various intermediaries to advance the work of this major asset restructuring in accordance with the requirements of relevant laws and regulations. Due to recent major changes in the market environment and when the “Letter of Intent to Acquire” was signed, in order to effectively protect the interests of the company and all shareholders, it was agreed to terminate this transaction after careful study by the company and friendly negotiations with the parties involved in the transaction.