Kesen Technology Shelves Plan to Acquire 53.26% of Huizhou Zhangu

The suspension is a valuation-discipline signal rather than a distressed retreat: Kesen itself cites the target's still-ramping earnings as the reason the price could not be justified, and the two-part structure — a capital injection plus a founder share purchase — made the pricing especially exposed to near-term earnings. The decision affects He Dongping and Zhang Yingwu most directly, since their 30.89% sale was the deal's largest cash component, while Kesen retains optionality because termination is framed as a possibility, not a certainty. Whether the parties return with a reworked structure or the transaction is formally terminated is the open question.