Summary by Futu AI
ZHONGLIAN HEAVY TECH CO., LTD. (STOCK CODE: 1157) ANNOUNCED THAT IT WILL SPLIT OFF ITS FLAGSHIP SUBSIDIARY HUNAN ZHONGLIAN ZHONGJIANG INTELLIGENT HIGH-ALTITUDE OPERATION MACHINERY CO., LTD. (ZHONGLIAN HIGH-ALTITUDE MACHINERY) AND GO PUBLIC THROUGH A RESTRUCTURING WITH SHENZHEN LUICHUNG TECHNOLOGY CO., LTD. The split listing plan was announced on 26 April 2024 on the Tsunami Information Network. CITIC SAID THAT THE SPLIT FAVORS THE PROFESSIONALIZATION OF THE COMPANY'S OPERATIONS, IMPROVES OPERATING EFFICIENCY AND OVERALL PROFIT LEVELS, AND HELPS TO IMPROVE THE COMPANY'S FUTURE OVERALL PROFIT LEVEL, WHICH WILL HAVE A POSITIVE IMPACT ON SHAREHOLDERS. After the split, ZHPC will become a subsidiary of Luofeng Technology, a publicly traded company, Zhonglian Heavy Industries Holdings. CUHK has completed the relevant statutory procedures...Show More