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Road King Infrastructure has announced that its proposed acquisition of a target interest in China will not move forward after the asset became subject to enforcement action through a judicial auction process in the People’s Republic of China (PRC). The company said it is taking steps to recover RMB172.5 million that had already been paid to Beijing Xuke in connection with the transaction. The development marks a setback for the planned deal and highlights the legal challenges surrounding the target asset, prompting the group to focus on recovering its funds.
Road King Infrastructure Ltd has terminated its proposed acquisition of a target interest in China after the asset became subject to enforcement action through a judicial auction in the People’s Republic of China (PRC).
The company disclosed that the target interest involved in the transaction is currently under a judicial auction process, making it impossible for the proposed acquisition to proceed as originally planned. As a result, Road King Infrastructure has decided not to move ahead with the deal.
Following the collapse of the proposed transaction, the group said it has initiated measures to recover RMB172.5 million that had been paid to Beijing Xuke in relation to the acquisition.
While the company did not provide additional details regarding the enforcement proceedings or the timeline for recovery of the funds, the announcement indicates that Road King Infrastructure is actively pursuing avenues to reclaim the amount already disbursed.
The development comes as companies operating in China continue to navigate legal and enforcement processes that can affect asset transfers and acquisition transactions. Judicial auctions are typically conducted when assets become subject to court-led enforcement actions arising from disputes, debt obligations, or other legal proceedings.
Road King Infrastructure has not announced any alternative arrangements relating to the target asset and remains focused on recovering the payment made under the proposed acquisition agreement.
Source Reuters
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