Summary by Futu AI
China Longyuan announced on August 23, 2024 that it has completed the sale of its and its subsidiary Xiong Ya's total holdings of 27% equity in Jiangyin Sulong, with Jiangyin Power winning the bid. The transaction price is RMB 1,319.15007 million. This transaction means that China Longyuan and its subsidiary no longer hold any equity in Jiangyin Sulong, and the financial performance of Jiangyin Sulong will no longer be included in China Longyuan's consolidated financial statements. According to listing rules, this transaction is a disclosable transaction and is exempt from shareholder approval. Jiangyin Power is an existing shareholder of Jiangyin Sulong, holding 30.3% equity and is considered a related party. China Longyuan stated that the proceeds from this transaction will be used for the company's daily production and operation.