On May 28, China CITIC Financial Assets (formerly China Huarong) announced on the Hong Kong Stock Exchange that it would transfer 60% of its shares in Huarong Financial Leasing Company to CITIC Group at a consideration of about 12 billion yuan. This is another “return” to the slimming down of CITIC Financial's assets following the previous sale of 5 financial license subsidiaries. Looking at the details of the announcement, CITIC Financial Assets transferred 60% of the issued shares of Huarong Financial Leasing Co., Ltd. (hereinafter referred to as “Huarong Financial Leasing Company”) held by CITIC Group through an agreed transfer. The total cost of the sale was 11.998 billion yuan on May 28 (after the transaction period). After the sale is completed, CITIC Financial Assets will hold 19.92% of the number of shares issued by the Golden Rental Company. The Golden Rental Company will no longer be a subsidiary of the Company and its financial results will not be consolidated into the Group's financial statements. At the same time, CITIC Group will bring together two financial leasing licenses, Huarong Financial Leasing and CITIC Financial Leasing.