Huafon Spandex suspends trading and plans major asset restructuring

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Huafon spandex announced that the company's controlling shareholder, Huafon Group, is planning a major asset reorganization of the company. The company plans to purchase 100% equity of Zhejiang Huafon New Materials Co., Ltd. by issuing shares to purchase assets.

It is expected that the amount involved in this transaction will meet the standard of major asset restructuring. The company's stock has been suspended since the market opened on March 26, 2019.