Zoomlion Heavy Industry Science and Technology's (SHE:000157, HKG:1157) board decided to terminate the spin-off and separate listing of Hunan Zoomlion Intelligent Aerial Work Machinery.
According to a Thursday disclosure with the Hong Kong Exchange, the termination is subject to shareholder approval.
"In light of material changes in market conditions since the inception of the proposed spin-off, the company has decided to terminate the proposed spin-off to effectively safeguard the interests of the company and its investors after full consideration and prudent discussion with relevant parties," Zoomlion said.
In January 2023, Zoomlion said it was exploring a spinoff and Shenzhen listing of its machinery components subsidiary through a share-swap merger with RoadRover Technology (SHE:002813).
Hong Kong-listed shares of Zoomlion closed 3% on Thursday.
Price (HKD): $3.87, Change: $+0.11, Percent Change: +2.93%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.