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An update from China Zhengtong Auto Services Holdings ( (HK:1728) ) is now available.
China ZhengTong Auto Services Holdings Limited has agreed to dispose of 100% of the equity interest in its indirect wholly owned subsidiary Shenzhenshi Huianqi, together with the related debts, to Xinda Information for a provisional consideration of approximately RMB803.10 million, payable by bank transfer. The principal asset being sold is a parcel of land in Shenzhen, and the transaction, which will significantly reshape the group’s asset base, is classified as a major and connected transaction under Hong Kong Listing Rules, requiring shareholder approval and independent evaluation. To manage governance and potential conflicts of interest arising from the involvement of its controlling shareholder ITG Holding, the company has appointed Huatai as financial adviser, formed an Independent Board Committee of non-executive directors, and engaged Somerley as independent financial adviser to opine on the terms and guide independent shareholders on voting.
More about China Zhengtong Auto Services Holdings
China ZhengTong Auto Services Holdings Limited is an automotive services group listed in Hong Kong, primarily engaged in the operation of auto dealerships and related automotive businesses in China. The company focuses on the distribution and servicing of vehicles and related assets across key Chinese markets, leveraging property holdings and related entities within its group structure.
Technical Sentiment Signal: Sell
Current Market Cap: HK$1.43B
For detailed information about 1728 stock, go to TipRanks’ Stock Analysis page.