Summary by Futu AI
On 29 December 2023, Xuhui Holding Group announced that its indirect non-wholly-owned subsidiary Chongqing Xuchang signed an equity transfer agreement with buyers Qingdao Qiqing and Shanghai Tingwei to sell 33% of Nanjing Yitao's shares and related loans for a total price of approximately RMB3.13 billion (approximately HK$3.41 million). Nanjing Yitao holds a 33% stake in the Gattong Project in Nanjing, which is a residential development project. Upon completion of the transaction, Xuhui Holdings will no longer hold any equity interest in the target company and the project company. This transaction exceeds the applicable percentage of 5% but less than 25% and is subject to disclosure in accordance with Chapter 14 of the Listing Rules, but is exempt from compliance with the Circular and Shareholder Approval requirements. Proceeds from the sale will be used to improve the liquidity position of Xuhui Holdings. The transaction is not expected to have a significant impact on the financial condition of the company in real time.