Gelonghui, Feb. 22 | Cultural Investment Holdings (600715.SH) announced that as of the date of this announcement, the transaction had obtained relevant approval from the state-owned assets management department. The company had signed a “Debt Transfer Contract” and “Debt Settlement Agreement” with Beijing Cultural and Creative Fund and Beijing Cultural Assets Holdings, and transferred the 102.575,500 yuan accounts receivable (referred to as the “target asset”) of the Yeshan Tourist Resort Planning and Construction Service Office to the Beijing Cultural and Creative Fund, and offset the company's debt of 102.575,500 yuan to Beijing Wenzi Holdings.
The transaction will help rationalize the debt-debt relationship between the controlling shareholders and their related entities, revitalize existing assets, reduce the size of debt, further optimize the company's balance and liability structure, and reduce debt pressure. According to the company's preliminary estimates, the transaction will increase the company's 2023 profit by 10,25.755 million yuan, and offset the company's debt to Beijing Wenzi Holdings by 102.575,500 yuan. The details are based on the company's audited annual financial report.