Summary by Futu AI
JINMAO CHINA (STOCK CODE: 00817) ANNOUNCED ON 28 DECEMBER 2023 THAT ITS WHOLLY OWNED SUBSIDIARY YUMAO REAL ESTATE HAS ACQUIRED ADDITIONAL REGISTERED CAPITAL FOR RMB 1,307,870 THROUGH AN OPEN LISTING PROCESS AND ACQUIRED 56.67% OF YUMAI'S SHAREHOLDING. In addition, Yumao Properties will be subject to a partial loan obligation of RMB 500.21 million at the same shareholders' equity ratio. Upon completion of the transaction, Yumao Properties and Hangzhou Development will directly own 56.67% and 43.33% of Yumichi and 51% and 49% of Chengshing Properties indirectly. Yumchi Road and Chengsheng Properties will become non-wholly-owned subsidiaries of Jinmao, China. The transaction enables Yumao Real Estate and Hangzhou Development to jointly develop the Hangzhou land, which was acquired by Hangzhou Development on 18 July 2023 through an open land tender process. Under the Listing Rules, this transaction constitutes a disclosable transaction as the maximum applicable percentage of the transaction is greater than 5% but less than 25%.