Huajin International (02738.HK) announced that executive directors Xu Songqing, Luo Canwen, Haiyi, Intrend Ventures and Zhongcheng, as concerted actors holding 75 per cent of all issued share capital, terminated the concerted action agreement signed in 2016. On the same day, Haiyi transferred 54 million shares and 4.5 million shares of Haiyi to Zhongcheng and Zhi Fu respectively in exchange for the transfer of 120 and 10 shares of Haiyi to Intrend Ventures, respectively.
After the execution of the termination deed and the completion of the transfers, Haiyi will be wholly owned by Intrend Ventures, which is wholly owned by Xu Songqing, and Haiyi will hold 65.25% of the issued shares of the company, and Xu Songqing will remain the controlling shareholder of the company. Zhongcheng is wholly owned by Luo Canwen. After the execution of the termination deed and the completion of these transfers, Luo Canwen holds 9% of the issued shares of the company, Zhifu enterprise is wholly owned by executive director Chen Chunniu, and Chen Chunniu will hold 0.75% of the issued shares. Luo Canwen no longer has the right to exercise or control the exercise of 30% or more of the voting rights at the general meeting of the shareholders of the company, and is no longer the controlling shareholder of the company.
After the execution of the termination deed and the completion of the transfers, Lo Chan Man will no longer be the controlling shareholder of the Company and will therefore no longer be bound by the non-competitive undertaking.