China Wood Int (01822.HK) announced on October 28, 2024, that the seller (a direct wholly-owned subsidiary of the company) and the buyer (an independent third party) entered into the agreement regarding the sale matter, whereby the seller agreed to sell and the buyer agreed to purchase the sale shares (i.e. all the issued share capital of the selling company Gigantic Wisdom Limited) and sales loans, for a cash consideration of 50,000 Hong Kong dollars.

The selling company is a limited company registered in the British Virgin Islands, mainly engaged in investment holding. Sale shares refer to all the issued share capital of the selling company.

To address the risk of overexposure to timber-related businesses and fully leverage the group's expertise in the Chinese marketing industry, the company is actively evaluating the feasibility of expanding its business. The group is actively exploring various business opportunities, including the functional food and beverage industry in China; and the health and beauty industry. Due to potential liabilities arising from legal actions involving the car rental business operated by the selling group, limited operational scale, and consideration for its future prospects, the group considers it appropriate to terminate the car rental business to free up valuable financial resources and management time, and invest in more promising business areas, such as the functional food and beverage industry in China; and the health and beauty industry.