The planned acquisition by Guangnan (Holdings) of a stake in three Sino-foreign joint ventures in Henan province has had to be renegotiated after the red chip failed to complete due diligence on time.

The $250 million deal will now be split into two parts and the deposit of $50 million refunded. Guangnan intends taking a 20.4 per cent interest in Henan Zhoukou Jinxin Gourmet Enterprise Co, Zhoukou Jinfen Lotus Decoration Co, and Kaifeng Jinfeng Chemical Enterprises Co, all food-related firms.