Summary by Moomoo AI
China China Reong (2799) announced on 28 May 2024 that it has entered into a share transfer agreement with CITIC Group to transfer 60% of the shares of its holding rental company to CITIC Group for a total transfer cost of approximately RMB 119.98 billion. The transaction will no longer be a subsidiary of China Merong, and its financial results will not be consolidated into China's financial statements. The transaction is considered to be a major transaction subject to the declarations, notices, circulars and shareholder approval requirements of Chapter 14 of the Listing Rules. Since CITIC Group holds 26.46% of China's Huarong shares, this transaction also constitutes a connected transaction. An independent Board of Directors has been established and Chico Capital has been appointed as...Show More