China Natural Resources, Inc. (CHNR) signed a non-binding Letter of Intent dated March 17, 2026, with Feishang Group Limited to acquire 100% shares of a Target subsidiary owning 59.79% equity in HooRii Technology (HK) Limited for US$37-40 million in cash and shares. This related party transaction requires Special Committee approval, due diligence, valuation report, and definitive agreements, signaling a strategic shift to AI and IoT.
Key takeaways
Non-binding LOI dated March 17, 2026, for CHNR to acquire 100% of Target owning 59.79% of HooRii Technology (HK) Limited
Aggregate purchase price estimated US$37-40 million: US$23-25 million in CHNR common shares + US$14-15 million cash
Seller: Feishang Group Limited, CHNR's principal shareholder; constitutes related party transaction
Special Committee of independent directors to approve post-valuation report and due diligence
Exclusivity period for Feishang until June 30, 2026
Conditions include Nasdaq approval for share listing, shareholder approval if required, and no material adverse change