PHANCY (06682.HK): Terminates Subscription for Huanxi Media New Shares

NewTimeSpace News: On 1 October 2026, Phancy Group Co., Ltd. (stock code: 06682) announced that, as certain conditions precedent to the subscription have not been fulfilled or waived and the parties have not agreed to further extend the long-stop date, the subscription agreement with Huanxi Media (01003.HK) has been terminated in accordance with its terms and the subscription will not proceed.

The announcement disclosed that upon termination of the subscription agreement, the parties cease to have their respective obligations under it. The strategic cooperation and joint venture framework agreement and the large model API services framework agreement entered into at the same time are still under negotiation, and no payment has been made to the Group by Huanxi Media in respect of those agreements.

The Company expects that the termination of those agreements and the transactions contemplated thereunder will not have an adverse impact on the existing business and financial position of the Group. The Company was formerly known as Beijing Fourth Paradigm Technology Co., Ltd. 

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.