Gelonghui, March 27, 丨 Teda Biotech (08189.HK) announced that on January 31, 2024, the company signed an equity transfer agreement. Based on this, the company agreed to sell 82.76% of Shanghai Weidi's shares to the buyer at a cost of RMB 10.593 million. After completion, the company will still hold 17.24% of Shanghai Weidi's shares.

In view of Shanghai Weidi's performance over the past two years and uncertainty about future prospects, the board of directors believes that the sale is a good opportunity for the company to monetize its investment in Shanghai. Furthermore, considering the proceeds from the sale, the company can reallocate its resources to other existing operations, thereby providing better returns to its shareholders and further enhancing the Group's cash flow. Company management can also focus on the Group's biocompound fertilizer business and pension business.