Tesson Holdings (HKG:1201) will terminate its agreement with Aerospace Lithium Battery (Hong Kong) regarding establishing lithium battery joint venture companies in Hong Kong and China, a Sunday bourse filing said.
The parties decided to terminate the JV agreements due to a change in policy regarding new energy and their difference in opinion regarding the financing risk control associated with the JVs.
Under the termination agreement, Tesson agreed to release Aerospace Lithium from a lock-up undertaking, under which the latter subscribed to 5.46% of the former's enlarged issued share capital at HK$0.10 apiece.
In addition, Yan Haiting resigned as an executive director and co-chairman of the board due to the JV's termination.
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