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Anhui Wanwei Terminates Private Placement Due to Sponsor Conflict

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Anhui Wanwei Updated High-Tech Material Industry (SHA:600063) terminated its planned 2026 private placement of A-shares and will withdraw application documents from the Shanghai Stock Exchange, according to a Thursday filing with the bourse.

The decision follows a strategic restructuring between Conch Group and Wanwei Group, resulting in Provincial State Capital Group acquiring 7.5% of the chemical producer's shares.

As a result, Hua'an Securities, the designated sponsor for the issuance and under the control of Provincial State Capital Group, no longer qualifies as an independent sponsor of the offering.

Shares of Anhui Wanwei slid 2% in recent trade.

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