Juhua shares terminated the acquisition of Zhejiang Petrochemical

Sinochem New Network News on June 10, Juhua Co.
, Ltd.
announced that it decided to terminate the major asset restructuring
.

It is understood that this major asset restructuring is that Juhua Co.
, Ltd.
intends to acquire 20% of the shares of Zhejiang Petrochemical Co.
, Ltd.
held by Zhejiang Juhua Investment Co.
, Ltd.
by way of issuing shares and paying cash; at the same time, Juhua Co.
, Ltd.
intends to issue privately.
Matching funds for share raising
.

Juhua shares stated that due to the large scale of the assets of the target company involved in the reorganization, the wide scope of verification, and the audit, evaluation, and on-site due diligence of the target company carried out by the intermediary agency, it is affected by the new crown pneumonia epidemic and related prevention and control work arrangements.
The relevant working hours involved in this reorganization have been extended, and Juhua Co.
, Ltd.
has not been able to issue the notice of the general meeting of shareholders to consider the reorganization within the specified time
.