Weichai Power (HKG:2338) plans to temporarily terminate the proposed spin-off and separate listing of its subsidiary, Weichai Torch Technology, on the ChiNext Board of the Shenzhen bourse.
The company's board approved a spinoff for its spark plug business in February 2021.
The decision was made due to market conditions and strategic business considerations. The termination is subject to shareholder approval, with a general meeting to be convened soon.
The company believes the move will not impact its financial position or operations, according to a Monday filing with the Hong Kong Exchange.
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