Shandong Molong Converts RMB 361 Million Debt into Land Asset in Disclosable Deal

Shandong Molong Petroleum Machinery ( (HK:0568) ) has issued an announcement.

Shandong Molong Petroleum Machinery has entered into a debt settlement agreement with Shouguang Huarong Agricultural Technology and Shandong Shouguang Vegetable Wholesale Market under which the Vegetable Wholesale Company will settle RMB 361 million of Huarong Agricultural’s debt to Shandong Molong via the transfer of a parcel of land to the company. This settlement, which follows earlier agreements for the sale of 100% equity in Shouguang Maolong and the repayment of sizeable accounts receivable by Huarong Agricultural, constitutes a disclosable transaction under Hong Kong Listing Rules, signaling a continued effort by Shandong Molong to restructure receivables, improve balance sheet quality and convert financial claims into tangible assets, with implications for its asset mix and risk profile.

The most recent analyst rating on (HK:0568) stock is a Hold with a HK$3.00 price target. To see the full list of analyst forecasts on Shandong Molong Petroleum Machinery stock, see the HK:0568 Stock Forecast page.

More about Shandong Molong Petroleum Machinery

Shandong Molong Petroleum Machinery is a Sino-foreign joint stock company incorporated in mainland China and listed in Hong Kong, operating in the petroleum machinery and related equipment sector. The company focuses on serving the oil and gas industry through manufacturing and supplying specialized machinery and components, and it is subject to Hong Kong Listing Rules for its capital market activities.

YTD Price Performance: 160.33%

Average Trading Volume: 41,567,971

Technical Sentiment Signal: Buy

Current Market Cap: HK$4.78B

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