Shenshui Haina's controlling shareholder Li Haibo and his concert parties have signed a termination agreement with Maoming Development Group, bringing an end to a control change plan that lasted over a year and a half. Under the agreement, Li Haibo must repay within 30 working days the 50 million yuan earnest money and 30 million yuan deposit previously received, both without interest. If overdue, the 80 million yuan will convert to debt and accrue simple interest at an annual rate of 5.2 percent, while also bearing liability for breach of contract. Previously, Maoming Development Group had planned to acquire approximately 45.3619 million shares from the transferors in two steps, representing 25.58 percent of the company's total share capital at the time, and had already paid the aforementioned 80 million yuan. After the termination, Li Haibo and his concert parties still collectively hold 23.42 percent of the company's shares, with no change in the controlling shareholder or actual controller.
Hynar Water Group Co. Ltd.Control change plan terminated; Li Haibo must repay deposits, but no change in controlling shareholder or actual controller.
Maoming Development Group's acquisition plan terminated; deposits to be repaid, deal abandoned.