China Huarong Asset Management Co., Ltd. Class H (HK:2799) has released an update.
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China Huarong Asset Management Co., Ltd. has entered into an agreement with CITIC Group to sell 60% of its shares in Financial Leasing Company for RMB11.99 billion, reducing its stake to 19.92% and resulting in Financial Leasing Company no longer being a subsidiary. This major transaction, which is also a connected transaction due to CITIC Group’s status as a substantial shareholder, is subject to shareholder and regulatory approval. Investors are cautioned as the transaction’s completion is not guaranteed.
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