Jiaozuo Wanfang terminates acquisition of Coalmine Aluminum

On September 14, JiaoZuo WanFang Aluminum Manufacturing Co., Ltd. announced that it decided to terminate its planned acquisition of a 99.4375% stake in Coalmine Aluminum (Sanmenxia) Co., Ltd. from 19 counterparties, including Hangzhou Jinjiang Group, Hangzhou Zhengcai Holding Group, Zhejiang Hengjia Holding, Hangzhou Yande Industrial, Manchester United (Hangzhou) Enterprise Management Partnership (Limited Partnership), and Gansu Dongxing Aluminum.

The deal, which was to be paid for through share issuance, would have constituted a major asset restructuring, a reverse takeover and a related-party transaction. Given significant changes in the market environment since the transaction was first planned, the company and the main counterparties have mutually agreed to terminate the share-issuance asset acquisition and related-party transaction after careful consideration.