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 MANMAO 2 AND CHENGDU CHENGMAO, AGREEING TO ACQUIRE 49% OF CHENGDU MUNMAO'S SHAREHOLDING FOR A TOTAL TRANSACTION PRICE OF APPROXIMATELY RMB1,192.13 MILLION. Upon completion of the acquisition, Chengdu Junmao will become an indirect wholly-owned subsidiary of Jinmao China. The maximum applicable percentage rate of more than 5% but less than 25% is a disclosable transaction in accordance with Chapter 14 of the Listing Rules. Chengdu Junmao is mainly engaged in real estate development in Jinjiang District, Chengdu City, Sichuan Province, which was completed in March 2024. According to the December 31, 2023 financial report, Chengdu Junmao has a total asset value of about RMB4,385.00 million and a net asset value of about RMB2,138.28 million. This transaction helps ensure the successful conclusion of the development project and is in the overall interests of the Company and its shareholders.