Referring to its acquisition of the entire issued share capital of and assignment of shareholder's loan in Lithium Energy Group Ltd., China New Energy Power (HKG:1041) said that, as at 30 April 2012, due to market financing and other reasons, certain conditions precedents (including the completion of the placing of shares and convertible notes of China New Energy Power and obtaining the proceeds from such placing of not less than HK$1 billion) had yet to be fulfilled (or waived by the purchaser) and accordingly, the acquisition agreement has lapsed. It is still the intention of China New Energy Power to proceed with the acquisition in relation to the project.

China New Energy Power plans to continue to negotiate the terms of the acquisition with the vendor.

Source:chinesestock.org