Guorlian Engineering Holdings (01413.HK) announced that its wholly-owned subsidiary, Xiamen Guorlian Chuangmeng Culture, reached a termination agreement with hunan Mango Cloud Media today (25th). It is reported that both parties to the agreement have not been able to reach any consensus on potential subscription matters since the date of the memorandum of understanding, so they agreed to terminate the memorandum of understanding with immediate effect.

According to the termination agreement, the memorandum of understanding is no longer valid and effective from the date of the termination agreement, and the contracting parties are not required to assume any responsibility to the other party for any matters arising from the memorandum of understanding.

Guorlian Engineering Holdings had previously announced in March this year that it planned to subscribe to 6 million RMB of registered capital of hunan Mango Cloud Media, and would ultimately own 60% of the target company's registered capital.