On August 20, Gleamray Holdings (01335.HK) released a statement that on August 20, 2024, the seller (Leading Feiyu Technology (Shenzhen) Co., Ltd., an indirect wholly-owned subsidiary of the company) signed an agreement with Huai'an Dahang Internet of Things Technology Co., Ltd. (as the purchaser) regarding the sale, and the seller agreed to sell while the buyer agreed to purchase the entire 100% equity of the target company at a price of RMB 50 million according to the agreement.

Prior to the agreement date and completion of the sale, the target company (Jiangsu Jingerun Technology Co., Ltd.) was an indirect wholly-owned subsidiary of the company, a limited liability company registered and established in China, mainly engaged in the cigarette printing film business. As of the agreement date, the registered capital of the target company was RMB 35 million.