On December 18, 2014, Ankai Bus and Jianghuai Automobile announced the suspension of trading since the market was opened. The reason was that the company had a major impact on the stock price and had no public disclosure. It also said that the company resumed trading after the relevant announcement was published.
Insiders analyzed that the suspension of trading is likely to be related to the overall listing of Jiangqi Group.
On December 11, Jianghuai Automobile issued a resolution of the board of directors, saying that after the board of directors researched and decided, the company reviewed and approved the company’s 23rd board of directors and the third extraordinary shareholders meeting in 2014. Jianghuai Automobile Group Co., Ltd. also raised the matching fund plan to adjust and cancel the fund-raising arrangement.
The adjusted plan is that Jianghuai Automobile intends to issue shares to all Jiangjiang Group shareholders Anhui Jianghuai Automobile Group Holdings Co., Ltd., Jiantou Investment Co., Ltd. and Hefei Shiqin Equity Investment Partnership (general partnership) to absorb the merger of Jiangqi Group, Jianghuai The automobile becomes a surviving company, inheriting and undertaking all the assets, liabilities, rights, obligations, business and responsibilities of Jiangqi Group. After the completion of the share swap and merger, Jiangqi Group was dissolved and cancelled. The entire shareholding of Jiangqi Group held by all shareholders of Jiangqi Group will be converted into the newly added shares of JAC, and JAC will obtain the share due to the merger of shares. The company's shares will be written off in the merger of mergers and acquisitions.
Earlier media reports, on July 10, Jianghuai Automobile, which was suspended for nearly three months, issued a restructuring plan, saying that the company intends to absorb the merger of Jiangqi Group by issuing shares to all shareholders of Jiangqi Group. After the completion of the reorganization, all the assets, liabilities, business and employees directly related to the business and assets of Jiangqi Group will be merged into Jianghuai Automobile, and Jiangqi Group will be cancelled.
After the completion of the reorganization, JAC Auto integrates vehicle production and auto parts business to help the overall listing of the auto-related business of Jiangqi Group.
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