Zhong Tong Finance APP learned that on June 23, 2024, nanfang comm (01617) announced that its indirect wholly-owned subsidiary, Pacific Smart, plans to sell approximately 8,235,300 shares of Class A preferred stock in Source Photonics Holdings (Cayman) Limited held by the company to Beijing Wantong New Development Group Co., Ltd. for approximately USD 21.5592 million, at a price of USD 2.6179 per share. The Company has applied to the Stock Exchange for the resumption of trading of the Shares with effect from 9:00 a.m. on 2 July 2024.

The Target Group is a global leading supplier of advanced technology solutions for optical communication and data connection. The board of directors believes that the disposal provides an opportunity for the group to realize its investment in the target company and strengthen its cash position, enabling the Group to better equip itself to withstand any market downturn and provide cash reserves for any future investment opportunities. In addition, as the shares to be sold represent less than 5% of the equity interest in the Target Company and other sellers will also sell their equity interest in the Target Company to the buyer, the disposal provides a golden opportunity for the group to sell the shares at a price higher than what Pacific Smart could achieve by selling its equity interest in the target company to the buyer or any other person.