RiseSun provides update on asset acquisition and fundraising

RiseSun Real Estate Development (SZSE:002146) has released an update on its proposed acquisition of assets through the issuance of shares, coupled with a private placement to raise funds. The company intends to acquire stakes in Rongshang Mengguli New Energy Technology Co., Ltd., including a 68.39% shareholding, alongside smaller holdings from other entities. The target company share acquisitions amount to CNY331,668,220.00, CNY15,355,780.00, CNY9,139,220.00, CNY2,423,732.17, CNY6,930,000.00, CNY4,950,000.00, and CNY269,908.87. The transaction also includes a plan for a private placement of shares to no more than 35 specific investors. The company stated that due diligence, auditing, and valuation work are ongoing and that it will reconvene its board to review the matter once these processes are complete, in compliance with regulatory requirements. RiseSun reiterated that the transaction remains subject to approvals.