On July 23, 2024, Hiking Group Shandong Jinyue International Trading Corporation (Hiking Jinyue), a subsidiary of Shandong Hiking Group, finalized a significant transaction involving the acquisition of Long Run Exploration Ltd., a Canadian oil and gas company with key operations in Alberta and Saskatchewan. The deal was a pivotal element in Long Run's restructuring under the Companies' Creditors Arrangement Act (CCAA), as overseen by the Court of King’s Bench of Alberta.

Hiking Jinyue, acting as the “stalking horse bidder” in the sale and investment solicitation process (SISP), agreed to purchase all of Long Run's issued and outstanding equity through a reverse vesting order.

The acquisition was contingent on securing court approvals and key regulatory consents under the Competition Act and Investment Canada Act. Both parties fulfilled several pre-closing obligations, such as obtaining necessary consents and amending Long Run’s existing credit agreements.

This acquisition allowed Hiking Jinyue to expand its presence in Canada’s energy sector, particularly in the resource-rich provinces of Alberta and Saskatchewan. The deal positioned Hiking Jinyue to leverage Long Run’s established operations in the exploration and production of oil and natural gas, aligning with the company’s broader strategic objectives in international markets.