Xinjiang Tianye Water Saving Irrigation System Co., Ltd. Class H (HK:0840) has released an update.
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Xinjiang Tianye Water Saving Irrigation System Co., Ltd. has entered into an agreement to form a joint venture with the Eighth Division SASAC, with a registered capital of RMB800 million, where the company will hold a 10% equity stake. The company will also acquire 51% of the voting rights in the new subsidiary, making it a considerable influence in the joint venture. These transactions are classified as major and connected transactions under the Listing Rules, requiring shareholder approval.
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