Due to the global market turmoil and other reasons, APOLLO terminated the acquisition of Weimar.

CTOnews.com September 10 news, APOLLO Wisdom Travel Group issued an announcement, saying that the relevant parties have agreed to terminate the acquisition of Weimar. The announcement mentioned that, taking into account, among other commercial factors, including, among other things, global market conditions and geopolitical conflicts, continued uncertainty in financial markets and short-term economic recovery after the outbreak, the buyer, seller and company have mutually agreed to enter into a deed of termination ("termination deed") to terminate the acquisition agreement, so the acquisition and placing will not take place.

CTOnews.com previously reported that APOLLO had reached a conditional sale and purchase agreement with Weimar Group and proposed that the total amount of the placing shares would be about HK $3.918 billion and a temporary financing of about 720 million yuan. At the same time, Weimar shareholders have pledged HK $1.5 billion in standing financing.

According to previous announcements, APOLLO reached a strategic merger with Weima Motors, with a transaction price of $2.023 billion (currently about 13.696 billion yuan), with the target company accounting for about 80.93% of Weima's total equity. Weimar's deal is valued at $2.51 billion (currently about 16.993 billion yuan).