HYM Cancels New Energy Subsidiary

PVTIME – On 18 June 2024, Jiangxi Haiyuan Composites Technology Co., Ltd. (HYM, 002529.SZ), a Chinese company specialising in hydraulic press equipment, has announced the cancellation of one of its wholly-owned subsidiaries, which was primarily focused on renewable energy business in Yangzhou City, China.

The Yangzhou subsidiary was established in December 2020 and has not yet commenced operations, according to HYM. The cancellation of the Yangzhou subsidiary will have no significant impact on HYM’s operations or development. Furthermore, there are no circumstances that will harm the interests of HYM and its shareholders. Once the cancellation is complete, this Yangzhou subsidiary will no longer be included in HYM’s consolidated financial statements.

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