Summary by Futu AI
On June 7, 2024, Sino-Ocean Group announced that its wholly-owned subsidiary signed a sale and purchase agreement with the buyer to sell 64.79% equity and related debts of the target company for a total consideration of RMB 400 million. The transaction exceeds the applicable percentage of 75%, and constitutes a very significant sale item and related-party transaction under the listing rules, which must comply with relevant regulations and obtain independent shareholder approval. The buyer 1 is the contact person of China Life Insurance, so the transaction also constitutes a related-party transaction. Sino-Ocean Group will hold a special general meeting of shareholders for independent shareholders to consider and approve the sale agreement and transaction, and China Life Insurance will waive its voting rights. After the sale is completed, the target company will become an affiliate of Sino-Ocean Group. Sino-Ocean Group stated that this move will help relieve the current liquidity pressure of the group and relieve future funding obligations for the project.