The reason why Deyang SASAC did not approve Deyang Commercial Investment to buy Ji Hong shares was because Deyang Development Holding Group Co., Ltd. and Deyang SASAC had differences in the use of funds. Relevant information shows that after the signing of the share transfer agreement, Zhuang Hao, the controlling shareholder of the company, disagreed with Deyang Commercial Investment, Deyang Development Holding Group Co., Ltd. and Deyang SASAC on the use of funds, and Deyang SASAC refused to approve the acquisition transaction. The Share Transfer Agreement and the Voting Rights Entrustment Agreement no longer meet the effective conditions, and the share transfer under this Agreement is terminated.