BRIEF-Black Peony To Buy 75% Stake In Shenzhen Firm, Ditching Original Asset Acquisition Plan

Nov 5 (Reuters) - Black Peony Group Co Ltd:

* SAYS IT SCRAPS PLAN TO BUY 100% STAKE IN SHENZHEN ITEAQ NETWORK TECHNOLOGY VIA CASH, SHARE AND BOND ISSUE AS CO SEEKS TO REDUCE TRANSACTION COSTS

* SAYS IT NOW PLANS TO BUY 75% STAKE IN SHENZHEN ITEAQ NETWORK TECHNOLOGY FOR 1.05 BILLION YUAN ($149.99 million) VIA CASH Source text in Chinese: https://bit.ly/34t6dKk ;https://bit.ly/32jqXTi Further company coverage: ($1 = 7.0006 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)