Huayi Group announced that the company plans to carry out asset exchanges and related transactions with the controlling shareholder Shanghai Huayi Energy & Chemical Co., Ltd. and plans to purchase 100% of the shares of Shanghai Huayi Energy Chemical Co., Ltd. and shares in eight holding/participating companies. It plans to take 51% of Guangxi Huayi Energy Chemical Co., Ltd., and cover the difference with cash. The transaction is not expected to constitute a major asset restructuring, will not involve issuing shares, and will not result in a change in the controlling shareholder or actual controller. Currently, relevant parties are being organized to conduct due diligence investigations such as audits and evaluations of the subject matter of the transaction. The specific elements of the transaction have not been determined, and the plan is subject to decision-making and approval procedures, and there is uncertainty.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.