Shanghai New World (00017.HK) announced that it is in discussion with its major shareholder Chow Tai Fook Enterprises regarding the transfer of all shares of the Group in Kai Tak Sports Park Limited (KTSPL) to Chow Tai Fook Enterprises. A legally binding agreement has not been reached yet, and the potential sale is still subject to negotiation on key terms including the consideration amount, as well as obtaining necessary government and regulatory approvals.

Shanghai New World stated that KTSPL is a limited company registered in Hong Kong. In 2018, KTSPL was awarded the design, construction, and operation contract for Kai Tak Sports Park in Hong Kong. KTSPL is owned by a 75% subsidiary of the company and a 25% subsidiary of New Creative (00659.HK).