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China Zhengtong Auto Services Holdings ( (HK:1728) ) just unveiled an announcement.
China Zhengtong Auto Services Holdings has completed the PRC leg of its previously announced acquisition, bringing Xindeco ITG Automobile and its subsidiaries into the group and expanding its automotive services footprint. As a result, pre-existing transactions between Xindeco ITG Automobile Group and the ITG Group, ITG Corp. Group and Xiamen Xindeco Group are now classified as continuing connected transactions under Hong Kong listing rules, triggering new disclosure and annual review obligations for the company.
The company detailed one such connected transaction, a property lease agreement under which Xindeco ITG Automobile rents a large showroom, exhibition hall and related facilities in Xiamen from a wholly owned subsidiary of ITG Holding, underscoring the operational integration with related parties. China Zhengtong said it will comply with all applicable reporting, announcement and, where required, independent shareholder approval requirements if these connected transaction agreements are renewed or amended, formalizing governance over these related-party dealings.
The most recent analyst rating on (HK:1728) stock is a Sell with a HK$0.13 price target. To see the full list of analyst forecasts on China Zhengtong Auto Services Holdings stock, see the HK:1728 Stock Forecast page.
More about China Zhengtong Auto Services Holdings
China Zhengtong Auto Services Holdings is an automotive services group listed in Hong Kong, operating through subsidiaries including newly acquired Xindeco ITG Automobile in the PRC. The group is engaged in auto-related businesses and now incorporates additional operations and assets following the completion of its cross-border acquisition in China and Thailand.
Technical Sentiment Signal: Sell
Current Market Cap: HK$1.43B
See more data about 1728 stock on TipRanks’ Stock Analysis page.