On the afternoon of March 8, the shareholders’ meeting of Shanghai Xintonglian Packaging Co.Ltd(603022) ( Shanghai Xintonglian Packaging Co.Ltd(603022) , SH) was held as scheduled.
Shanghai Xintonglian Packaging Co.Ltd(603022) Board Secretary Xu Hongjing said in response to the reason why the asset purchase was terminated due to “lack of money”. Previously, the listed company and the bank had conducted corresponding communication, and the bank had also issued a letter of intent to the listed company, but there were many corresponding approval terms in the negotiation process. Since Shanghai Yantong is located in Hangzhou, and the bank said that cross regional loans in different places cannot be lent, the listed company cooperated with the bank to move Shanghai Yantong back to Shanghai. “It’s true that after tossing for a long time, the bank still feels that it can’t meet the conditions for lending. In the end, there will be a problem with the capital.” Xu Hongjing said.
