Concord New Energy Group (HKG:0182) has terminated its planned disposals of three project companies after conditions for the first tranche of each deal were not fulfilled by the June 30 deadline, according to a July 18 Hong Kong bourse filing.
Shares of the company were down about 16% in Monday afternoon trade.
Agreements covered Yilan Century Concord, Taiming Company, and Qinghai Shunting.
The group and the purchaser failed to reach an extension, rendering the deals no longer legally binding.
Concord said the terminations will prevent the expected disposal gains and cash recovery, but will not have a material adverse impact on its business or financial position.
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