October 28 -- Jiangsu Shenlong Hi-Tech Group (600401.SH), a maker of titanium dioxide and polyester materials, said it had received approval from the China Securities Regulatory Commission for its asset restructuring plan, reports Shanghai Securities News, citing a company filing.

Shenlong plans to restructure with Hareon Solar Technology and offer 778 million new shares to Hareon Solar.

The restructuring will be completed 12 months after the date of approval.

Shenlong was notified by the CSRC that the party acting in concert, Jiangsu Zijin Electronic Group, and itself are both exempted from the obligation to make a tender offer.