Lander Sports published a notice on February 26 to announce the cease of the transfer of controlling rights of the company.
The reason behind stopping the transfer is because the expected buyer, Fan Mingke, who was going to take over the company, had not paid the fees within the agreed period. According to their transferring agreement, Fan Mingke was to pay CNY300m before January 25 and CNY1bn before January 28. However, this agreed payment was not delivered.
Lander Sports had published three notices before February 26 announcing that they had not received the payments. The notice on February 26 was the latest announcement where they finally decided to put an end to the transfer after the due date expired by nearly one month.
Fan Mingke is liable for paying CNY100m as compensation because of his breach of the agreement.
Lander Sports published a notice on January 25, 2019, announcing the decision to transfer the company to a new owner Fan Mingke who is said to be the son of the owner of a well-known Chinese food brand Jinmailang.
Proofread by Levison Makuvise