Yonganxing terminates acquisition of 65% stake in Lianshi Navigation

Yonganxing announced that it would terminate the acquisition of 65% of the equity of Shanghai Lianshi Navigation Technology Co., Ltd. because the parties to the transaction failed to reach an agreement on commercial terms such as valuation. Lianshi Navigation was established in 2015 and focuses on Beidou satellite navigation, providing high-precision navigation and positioning system solutions, and occupies a dominant position in the field of domestic intelligent agricultural machinery and equipment. Although Lianshi Navigation had planned to raise 516 million yuan for an IPO, it eventually withdrew its application. Yonganxing expects its annual net profit in 2024 to be between -80 million yuan and -55 million yuan.