Summary by Futu AI
ON 15 MAY 2024, JINMAO CHINA ANNOUNCED THAT ITS WHOLLY OWNED SUBSIDIARIES JINMAO XINAN SIGNED A SHARE TRANSFER AGREEMENT WITH JIAXING ZHENMAO AND CHENGDU YUETMAO, AGREEING TO ACQUIRE 49% OF THE SHARES OF CHENGDU YUETMAO FOR A TOTAL TRANSACTION PRICE OF APPROXIMATELY RMB 1,192.81 MILLION. Upon completion of this transaction, Chengdu Yuemao will become an indirect wholly-owned subsidiary of Jinmao China. The transaction is a disclosable transaction pursuant to Chapter 14 of the Listing Rules. Established on April 8, 2022, Chengdu Yuemao is mainly engaged in real estate development projects in Wuhou District of Chengdu. As of 31 December 2023, the audited total assets value of Chengdu Yuemao was approximately RMB4,163.64 million and the net asset value was approximately RMB2,323.00 million. The Board considers that this transaction is in the overall interests of the Company and its shareholders and ensures the successful conclusion of the project.