Huafeng Chemical advances asset purchase, share issuance plan

Zhejiang Huafeng Spandex Co., Ltd. (SZSE:002064) announced continued progress on its planned asset acquisition through a combination of share issuance and cash payments. The company intends to acquire 100% equity in Huafeng Synthetic Resin and Huafeng Thermoplastics from Huafeng Group, Yau Siu Ping, Yau Kim Foon, and Yau Siu Wa. Trading of Huafeng Spandex's shares had been halted on October 29, 2024, and resumed on November 4, 2024. The company emphasized that the transaction is still subject to further board and shareholder approvals, as well as regulatory clearances. Investors are advised to be aware of potential uncertainties.