Zhitong Financial News, Country Garden Services (06098) and Hefu Brilliant (00733) jointly announced that on February 7, 2024, the parties to the strategic cooperation agreement entered into an agreement to terminate the strategic cooperation agreement after considering (among other things) the current market conditions, recent capital market fluctuations, changes in the parties' expectations for the implementation schedule of the target transaction, potential strategic and cooperation goals, and other factors, so the subscription will not proceed. Based on the above reasons, Country Garden Property Hong Kong has entered into a partnership with China-net holding ltdDiscussions on a possible acquisition have also been terminated and will not continue.
Pursuant to the termination agreement, Country Garden Property Hong Kong, Mr. Fu Wei Cong, China-net holding ltdand all prior obligations and liabilities under the Strategic Cooperation Agreement will be fully discharged and revoked immediately with immediate effect.
Notwithstanding the above termination, the parties are expected to continue friendly discussions on the plan to deepen the long-term strategic cooperation between Country Garden Services Group and Hopefull Group, with a view to achieving business synergies in the real estate services sector.
For the purposes of the Takeovers Code, the offer period commencing on 6 November 2023 ends on the date of this joint announcement.