Guangdong Songyang Recycle Resources (603863.SH) announced that the company held the fourth board of directors meeting on June 6, 2024, which...
Futu Securities news app reports that Guangdong Songyang Recycle Resources (603863.SH) announced that the company held the 10th meeting of the fourth board of directors on June 6, 2024, and approved the proposal to terminate the acquisition of assets and related transactions by the wholly-owned subsidiary. Considering the acquisition cost, acquisition risk and the global strategy of further improving the company's lottery business, as well as the need to further verify and demonstrate the issues raised in the inquiry letter from Shanghai Stock Exchange, and in view of the fact that the target company has not yet achieved profitability, the company has decided to terminate the acquisition of assets and related transactions by the wholly-owned subsidiary. After the transaction is terminated, the wholly-owned subsidiary, Ludong Technology, still holds 20% of the equity of Jinling Le Lottery. The company still has a bullish long-term outlook on the future market development space of the project and will continue to assist in promoting the project's development.