Zoomlion Heavy Industry Science and Technology's (SHE:000157, HKG:1157) board decided to terminate the spin-off and separate listing of Hunan Zoomlion Intelligent Aerial Work Machinery.
According to a Thursday disclosure with the Hong Kong Exchange, the termination is subject to shareholder approval.
"In light of material changes in market conditions since the inception of the proposed spin-off, the company has decided to terminate the proposed spin-off to effectively safeguard the interests of the company and its investors after full consideration and prudent discussion with relevant parties," Zoomlion said.
In January 2023, Zoomlion said it was exploring a spinoff and Shenzhen listing of its machinery components subsidiary through a share-swap merger with RoadRover Technology (SHE:002813).
Hong Kong-listed shares of Zoomlion closed 3% on Thursday.
Price (HKD): $3.87, Change: $+0.11, Percent Change: +2.93%
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