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Fengxing Terminates Purchase of 75% Stake in Hazardous Waste Disposal Company

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Fengxing (SHE:002760) terminated the purchase of a 75% stake in Baiyin Huaxin Jiuhe Renewable Resources from Guangdong Huaxin Metal Resources due to uncertainty regarding the ownership of the target company's assets.

The uncertainty delayed the transaction progress, according to a Wednesday filing with the Shenzhen bourse.

Baiyin Huaxin Jiuhe Renewable Resources is engaged in hazardous waste disposal and renewable resource recycling.

The transaction would have also entailed a private placement of shares to not more than 35 investors to raise supporting funds for the transaction.

Guangdong Huaxin is the parent of controlling shareholder Qinghai Western Indium Industry.

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