Summary by Futu AI
HEJING TAIFU GROUP (STOCK CODE: 1813) ANNOUNCED ON 13 MAY 2024 THAT ITS INDIRECT WHOLLY OWNED SUBSIDIARIES HAVE ENTERED INTO AN AGREEMENT WITH THE ASSIGNEE TO CONDITIONALLY SELL 100% OF THE SHARES IN HANGXIZHOU BLUE FOR A TOTAL TRANSACTION PRICE OF RMB230,545,700. The maximum applicable percentage of less than 5% for the transaction is not subject to disclosure in accordance with Chapter 14 of the Listing Rules. After the sale is completed, Jingtai Fu will no longer hold any interest in the target company and is expected to generate proceeds of approximately RMB216,397,000. This will help the Group focus on core projects in major Chinese cities and reduce its overall outstanding debt. The Board considers that the terms of the transaction are fair and reasonable and are in the best interests of the Company and its shareholders. Trade completion is subject to certain conditions and may or may not be completed.