Knowing that it cannot be planned for a long time suspension of trading plum biological acquisition termination is held accountable

suspended trading for more than five months, and The acquisition of Plum Bio was ultimately unsuccessfulHowever, the reasons given by the company for termination have left the market with confusion: it is still suspended from trading when it knows the scheme may be blocked by competition issues and the risk has never been disclosed in the progress announcementR7m
In this regard, on May 24, the Shanghai Stock Exchange issued to the Company "inquiry letter on the termination of the planning of the issuance of shares to purchase assets of Meihua Biotech Group Co., Ltd." (hereinafter referred to as the "Inquiry Letter"), requesting the company to reply and discloseR7m
According to previous disclosure, the other side of the transaction - Hijie first sugar and plum biology belong to the same biological fermentation industryAccording to the plan, Meihua Bio intends to acquire 100% of The first sugar of Hijie in China by issuing shares, while Meng Qingshan and eight other shareholders will transfer 550 million shares of Meihua Bio (27.080, 0.30, 1.12%) to The First Sugar Agreement, accounting for 17.69% of the total share capital of the listed company before the offeringR7m
After the transaction is completed, Higer's first sugar will become the largest shareholder of the listed company, and may become the de facto controller of plum bioR7m
After more than five months of planning, the programme was not implementedFor the reasons for termination, Meihua Bio said, Hijie's first sugar amino acid business in China, Brazil and other global distributionAs the trading scheme proposed by Hi-Jie's first sugar does not include its offshore amino acid assets and business, after the completion of the reorganization, Xijie first sugar as the controlling shareholder of the listed company, its overseas related amino acid business will produce competition problems with the listed companyR7m
At the same time, Hi-Gerfirst Sugar refused to make a commitment to the performance of the underlying company that purchased assets for the issue in the coming yearsR7m
Immediately after the announcement of the termination of the reorganization, the SSE issued a regulatory inquiry letter, mainly on three issuesR7m
First, in the listed company's major asset restructuring related rules on the inter-industry competition, performance commitment compensation and other issues have clearly defined, the company has not reached an agreement with the counterparty after the long suspension of trading, the exchange requires the company to explain the reasons, and asked whether the financial advisers diligently fulfill the relevant reminder obligationsR7m
Second, the company during the five-month suspension period for overseas acquisitions and other complex reasons repeatedly applied for extension of the resumption of trading, but the relevant restructuring progress announcement has never revealed the above-mentioned risk matters that may lead to the termination of the reorganization, the exchange requires the company to combine the reorganization trading process memorandum, the reasons for not disclosing the above-mentioned reorganization may be at risk of termination in a timely mannerR7m
Third, in the company's announcement of the reservation of the right to pursue the legal liability of The first sugar of Hijie, the exchange requires the company to combine the relevant transaction framework agreement on the agreed provisions on liability for breach of contract, specifying that the company intends to take measures to safeguard its legitimate rights and interestsR7m
　　In response, some market participants said that investors who had been "locked in" for five months would not only fail expectations of a restructuring of the company, but would also face intense pressure that the share price could "make up for the fall" R7m suspended for more than five months, and The acquisition of Plum Bio was ultimately unsuccessful However, the reasons given by the company for termination have left the market with confusion: it is still suspended from trading when it knows the scheme may be blocked by competition issues and the risk has never been disclosed in the progress announcement R7m
　　In this regard, on May 24, the Shanghai Stock Exchange issued to the Company "inquiry letter on the termination of the planning of the issuance of shares to purchase assets of Meihua Biotech Group Co., Ltd." (hereinafter referred to as the "Inquiry Letter"), requesting the company to reply and disclose R7m
　　According to previous disclosure, the other side of the transaction - Hijie first sugar and plum biology belong to the same biological fermentation industry According to the plan, Meihua Bio intends to acquire 100% of The first sugar of Hijie in China by issuing shares, while Meng Qingshan and eight other shareholders will transfer 550 million shares of Meihua Bio (27.080, 0.30, 1.12%) to The First Sugar Agreement, accounting for 17.69% of the total share capital of the listed company before the offering R7m
　　After the transaction is completed, Higer's first sugar will become the largest shareholder of the listed company, and may become the de facto controller of plum bio R7m
　　After more than five months of planning, the programme was not implemented For the reasons for termination, Meihua Bio said, Hijie's first sugar amino acid business in China, Brazil and other global distribution As the trading scheme proposed by Hi-Jie's first sugar does not include its offshore amino acid assets and business, after the completion of the reorganization, Xijie first sugar as the controlling shareholder of the listed company, its overseas related amino acid business will produce competition problems with the listed company R7m
　　At the same time, Hi-Gerfirst Sugar refused to make a commitment to the performance of the underlying company that purchased assets for the issue in the coming years R7m
　　Immediately after the announcement of the termination of the reorganization, the SSE issued a regulatory inquiry letter, mainly on three issues R7m
　　First, in the listed company's major asset restructuring related rules on the inter-industry competition, performance commitment compensation and other issues have clearly defined, the company has not reached an agreement with the counterparty after the long suspension of trading, the exchange requires the company to explain the reasons, and asked whether the financial advisers diligently fulfill the relevant reminder obligations R7m
　　Second, the company during the five-month suspension period for overseas acquisitions and other complex reasons repeatedly applied for extension of the resumption of trading, but the relevant restructuring progress announcement has never revealed the above-mentioned risk matters that may lead to the termination of the reorganization, the exchange requires the company to combine the reorganization trading process memorandum, the reasons for not disclosing the above-mentioned reorganization may be at risk of termination in a timely manner R7m
　　Third, in the company's announcement of the reservation of the right to pursue the legal liability of The first sugar of Hijie, the exchange requires the company to combine the relevant transaction framework agreement on the agreed provisions on liability for breach of contract, specifying that the company intends to take measures to safeguard its legitimate rights and interests R7m
　　In response, some market participants said that investors who had been "locked in" for five months would not only fail expectations of a restructuring of the company, but would also face intense pressure that the share price could "make up for the fall" R7m
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