Yangzijiang Financial drops Ningbo Shanshan investment plan

The proposal failed to win approval at a creditors’ meeting.

Yangzijiang Financial Holding Ltd said its planned investment in Ningbo Shanshan Co. Ltd will not proceed after creditors voted down the company’s restructuring plan.

According to a press release, its wholly owned unit, Jiangsu New Yangzi Commerce & Trading Co. Ltd, had been set to invest in Shanshan as part of the restructuring. The proposal failed to win approval at a creditors’ meeting.

Yangzijiang Financial said the investment agreement has been terminated and does not expect any material impact on its business or financial position.