Summary by Moomoo AI
On 8 February 2024, China Merger signed a restructuring cooperation agreement with GUTU CHP and related parties to sell 70% of the interests and debt of Sichuan Sanchao Long Island International Tourism Resort Co., Ltd., to KPC for a total transaction cost of approximately RMB39.74 billion. The transaction will resolve the target company's continued development and existing debt issues and will eliminate the target company as a subsidiary of the Chinese merger. China Fusion expects to record an unaudited profit of about RMB21.0 million. The Board considers that this transaction is in the overall interest of the Company and its shareholders and will contribute to the project's resumption of normal development and construction.
