Zhitong Finance App News, Minfu International (08511) announced that on February 7, 2024, the seller Shenzhen Minfu Intelligent Manufacturing Co., Ltd. (a wholly-owned subsidiary of the company) signed the agreement with the buyer Zhang Jingjing. The seller agreed to sell and the buyer agreed to buy the share capital to be sold (that is, 20% of the target company's shares held by the seller), subject to the terms and conditions of the agreement, at a cost of RMB 4.2 million.

The target company is Huanggang Fuyuan Culture Development Co., Ltd., which is mainly engaged in providing burial services and funeral services. As of the date of this announcement, the target company is owned by Shenzhen Wentley Network Technology Co., Ltd., the seller and Shenzhen Wheatley Technology Development Co., Ltd., which own 65%, 20% and 15% respectively.

The announcement stated that since the acquisition of the share capital for sale in April 2023, the target company's business development has failed to meet expectations. The board believes that given the company's passive role in the management of the target company and the uncertainty of the target company's future prospects, the sale provided the company with a good opportunity to monetize its investment in the target company. The company will be able to strategically redistribute the proceeds from the sale to create better returns for shareholders and further drive the Group's business development.