According to the Zhitong Finance App, Liancheng Technology Group (08635) announced that on March 29, 2023, the seller (Team Excel Holdings Limited) entered into a sales agreement with the buyer (a wholly-owned subsidiary of the company). The buyer conditionally agreed to purchase 60% of the issued share capital of the target company (Sino Global Heritage Limited) at a total cost of HK$6 million, subject to the terms and conditions set forth in the transaction agreement.

According to reports, the target company, ACL, and Shenzhen Thin Leaf Rong each hold all of the shares of ACL, Shenzhen Fine Leaf Fong, Guoke Cai (Beijing), and Zhongteng Vision (Hainan), respectively. Shenzhen Shiye-rong holds 65% of Beijing Hongyi's shares; Target Group's net unaudited assets as of December 31, 2022 were approximately HK$387,000.

According to the announcement, Target Group is mainly engaged in developing and providing information technology solutions for China's railway industry and overall anti-counterfeiting and marketing solutions for Chinese consumer goods. Considering the business, resource integration and complementary advantages of the Group and the Target Group; enhancing profitability and the Group's continuous expansion and exploration of business opportunities in China, the directors believe that the target group's business provides an excellent opportunity for the Group to expand its business scale and open up revenue sources, and that investing in the target group is in the overall interests of the company and shareholders.