Summary by Futu AI
Shenzhen International announced on June 7, 2024 that its wholly-owned subsidiary Bay Area Investment and non-wholly-owned subsidiary Ping Shen International signed a debt-for-equity swap agreement. According to the agreement, Bay Area Investment will convert its RMB 300 million debt held in Ping Shen International into equity, increasing its equity in Ping Shen International from 70% to about 80.92%. This move will strengthen Ping Shen International's capital base, optimize its capital structure, and support the development and operation of the Ping Shan project in Shenzhen. The Shenzhen Ping Shan project held by Ping Shen International is a smart logistics port under construction and is expected to be completed in 2025. This debt-for-equity swap agreement was conducted as a related party transaction under Chapter 14A of the Listing Rules and has complied with relevant declaration and announcement requirements. The board of directors believes that the terms of this transaction are fair and reasonable and in line with the interests of the company and shareholders.