RiseSun advances asset acquisition, funding plan

RiseSun Real Estate Development (SZSE:002146) announced continued progress in its plan to acquire assets and raise funds. The company intends to purchase a 68.39% stake in Rongshang Mengguli New Energy Technology, a 3.17% stake held by Beijing Rongweitong Investment Management Partnership, a 1.88% stake held by Hebei Zhonghong Kaisheng Investment, a 0.50% stake held by Tianjin Ruifan Enterprise Management Consulting Partnership, a 1.43% stake held by Gao Qing, a 1.02% stake held by Zhou Wei, and a 0.06% stake held by Tianjin Keqi Enterprise Management Consulting Partnership. The acquisition will be funded by issuing shares and raising additional funds from no more than 35 specific targets. The company is actively advancing the necessary due diligence, auditing, and valuation work. RiseSun will reconvene its board to review the transaction after these tasks are completed, and will fulfil subsequent approval and disclosure requirements according to regulations.