Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizens Wu Yanzu in South China for the delivery of clues! CTOnews.com Sept. 5 news, New Oriental New Materials Co., Ltd. today issued a "notice on the termination of the sale of 51% stake in TD TECH by NOKIA". The company will actively promote the termination of the follow-up of the transaction and take further legal measures to safeguard the legitimate rights and interests of the company and its shareholders.

According to the announcement, New Oriental New Materials Co., Ltd. (hereinafter referred to as "the company") held the tenth meeting of the Fifth session of the Board of Directors and the eighth meeting of the Fifth session of the Board of Supervisors on April 7, 2023, deliberating and passing the "bill signed by the company" and other related bills. It is proposed to issue shares to specific parties to raise funds (hereinafter referred to as "this issue") to acquire TD TECH HOLDING LIMITED51% shares held by Nokia Solutions and Networks GmbH&Co.KG (hereinafter referred to as "the other party to the transaction") (hereinafter referred to as "this transaction"), and signed a "AGREEMENT FOR THE SALE AND PURCHASE OF SHARES IN TD TECH HOLDING LIMITED" ("equity transfer agreement") with the other party.

Recently, the company received a "Notice of Termination of the SPA" from the other side of the transaction, which unilaterally asked to terminate the "equity transfer agreement", and this transaction may be terminated.

It is worth mentioning that Huawei issued a statement in April this year, saying that it has no intention or possibility to jointly operate Dingqiao with New Oriental New Materials.

CTOnews.com attached statement original text:

As a shareholder of TD TECH HOLDING LIMITED (hereinafter referred to as "TD TECH"), with regard to the acquisition of TD TECH shares held by Nokia Solutions and Networks Gmbh&Co.KG (hereinafter referred to as "Nokia") by New Oriental New Materials Co., Ltd. (hereinafter referred to as "New Oriental New Materials"), we solemnly declare the following:

First, the joint venture operation of TD TECH between our company and Nokia is based on the strategic cooperation of both sides and the technical strength, global sales and service capabilities of both sides.

Second, we agree that Nokia should sell its shares, but the purchasers must have the same strategic ability to continue the existing cooperation. We have no intention and possibility to operate TD TECH in a joint venture with New Oriental New Materials.

Third, our company is assessing the relevant situation and has the right to take follow-up measures, including, but not limited to, exercising the right of preemption, withdrawing from the sale of all shares, and terminating the relevant technology licenses to TD TECH and its subordinate enterprises.

Fourth, we expect shareholders with strategic value to support the continued development of TD TECH.

Huawei Technology Co. Ltd.

April 9, 2023

Related readings:

Huawei: no intention and possibility to operate TD TECH in a joint venture with New Oriental New Materials

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