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Stock Market & Financial Investment News

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July 18, 2014
07:07 EDTZXChina Zenix Auto announces withdrawal of preliminary restructuring proposal
China Zenix Auto announced that its board has received a letter from Jianhui Lai, the chairman and CEO, RichWise International Investment Group Limited and certain of its affiliated entities, withdrawing the preliminary non-binding proposal for a business restructuring dated November 23, 2013. Jianhui Lai commented, "I believed the proposal could have offered shareholders an alternative to increase shareholder value through an online business operation. As the largest shareholder in China Zenix, my interests are aligned with the company's. However, upon assessment of changes in market conditions, it is in the best interest of the company and its shareholders as a whole that the preliminary proposal be withdrawn."
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