China Hongqiao terminates acquisition plan

China Hongqiao Group Limited called off the acquisition plan on two downstream metal companies which value USD1.Asian Metal Copyright According to Hongqiao, the trade above is not conforming to the new rule on private issuing of stock released by CSRC in February.Asian Metal Copyright6 billion as the trade is not in accordance with the new regulations.Asian Metal Copyright Considering the domestic capital market condition and new regulation, Hongqiao has terminated the acquisition on the two companies after communicating with mainland supervision department.Asian Metal Copyright Hongqiao, a manufacturer of aluminum products, is fighting back the charge of financial irregularities at Court of Final Appeal，Hong Kong.
The company announced on Tuesday that it will terminate the stock equity acquisition of no more than 74% on Shandong Loften Aluminium foil. In the meantime, Loften will terminate one of the terms in the agreement with Hongqiao - to acquire all the stock equity of Shandong Innovation Metal.

According to Hongqiao, the trade above is not conforming to the new rule on private issuing of stock released by CSRC in February. Considering the domestic capital market condition and new regulation, Hongqiao has terminated the acquisition on the two companies after communicating with mainland supervision department.

According to an announcement from a subsidiary of Hongqiao, Hongqiao is still negotiating with a subsidiary of CITIC Group on selling no more than 10% stocks. In the light of the announcement, the company runs normally with sufficient cash flow and stable debt paying ability.
.Asian Metal Copyright The company announced on Tuesday that it will terminate the stock equity acquisition of no more than 74% on Shandong Loften Aluminium foilAsian Metal Copyright