RiseSun terminates acquisition, expands guarantees, enters aviation partnership

RiseSun Real Estate Development announced the termination of its share issuance to acquire assets and raise supporting funds. This decision was made due to significant changes in the industry environment since the initial planning. The proposed acquisition involved purchasing stakes in Risesun Mengguli New Energy Technology from several shareholders, including Risesun Holdings. The termination, approved by the board, is not expected to materially impact current operations or financial health.

Concurrently, RiseSun committed to new guarantees, projecting up to 150 billion yuan for its subsidiary Chengdu Tianhe Real Estate, which already has a debt-to-asset ratio of 68.03%. The total external guarantees by RiseSun and its controlled subsidiaries now amount to 44.297 billion yuan, representing 298.20% of its most recent audited net assets. The company also reported 9.884 billion yuan in overdue guarantees.

Separately, RiseSun's subsidiary Meiya Aviation signed a cooperation memorandum with Hainan Aerospace City Low-Altitude Industry Development to jointly promote water-based general aviation. This partnership aims to leverage Meiya Aviation’s expertise in air-sea integrated services and aerospace resources to develop low-altitude tourism, emergency rescue, and cargo transport services in Hainan.