NEW CONCEPTS (02221) subsidiary terminates the acquisition of 12% equity in Guangxi Fusion Biological Energy Technology Co., Ltd.
The Entrepreneurship Group Holdings (02221) announced that regarding the buyer (Yisheng (Tianjin) Environmental Technology Co., Ltd., an indirect wholly-owned subsidiary of the company) intending to purchase 12% equity of the target company (Guangxi Ronghe Biological Energy Technology Co., Ltd.) from the seller (Xiamen Nuohongsheng Trading Co., Ltd.), the preconditions for the payment of the equity transfer agreement were not met within the stipulated timeframe. The buyer, seller, Xiamen Jianfa, and the target company have jointly agreed to terminate the equity transfer agreement. Therefore, the parties have signed a termination agreement on August 24, 2026, by which the equity transfer agreement is terminated as of that date.
NEW CONCEPTS (02221) announced that, regarding the buyer (Yisheng (Tianjin) Environmental Technology Co., Ltd., an indirect wholly-owned subsidiary of the company) intending to purchase 12% equity of the target company (Guangxi Fusion Bioenergy Technology Co., Ltd.) from the seller (Xiamen Nuohongsheng Trading Co., Ltd.), the preconditions for the payment of the consideration under the equity transfer agreement were not fulfilled within the specified deadline. The buyer, seller, Xiamen Jianfa, and the target company have jointly agreed to terminate the equity transfer agreement. Therefore, the parties to the contract signed a termination agreement on August 24, 2026, whereby the equity transfer agreement is terminated from that date.
Upon the effective termination, all rights and obligations of the parties under the equity transfer agreement will be completely terminated and discharged, and no party shall bring any claims against any other party regarding the equity transfer agreement or any matters arising from or related to it.
The board of directors believes that the termination will not have any material adverse effect on the group's business operations and/or financial condition.
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