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Douyin Terminates Acquisition of UMF; Payment License Renewal Previously Suspended
Hailian Jinhui announced on September 30 that it had received a letter from Tianjin Tongrong regarding the termination of the equity transfer agreement. Following friendly negotiations between both parties, Tianjin Tongrong's acquisition of UMF, the payment license company under Hailian Jinhui, has been terminated. Public information shows that Tianjin Tongrong is a company within the Douyin group. Previously, at the end of August this year, UMF's payment license renewal was suspended due to circumstances specified in Article 24 of the People's Bank of China's Administrative Licensing Implementation Measures.
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天津同融电子商务有限公司 · Regulation · Negative Tianjin Tongrong's acquisition of UMF was terminated following friendly negotiations, after UMF's payment license renewal was suspended under PBOC licensing rules.
联动优势支付有限公司 · Regulation · Negative UMF's payment license renewal was suspended by the PBOC, and the planned acquisition by Douyin's Tianjin Tongrong has now been terminated.
002537.CS · Regulation · Negative Douyin's Tianjin Tongrong terminated its acquisition of UMF, the payment license unit under Hailian Jinhui, after UMF's payment license renewal was suspended by the PBOC.