Summary by Moomoo AI
On June 7, 2024, Shenzhen Int'l announced that its wholly-owned subsidiary, Wanqu Investment, and its non-wholly-owned subsidiary, Pingshen International, have signed a debt-for-equity swap agreement. According to the agreement, Wanqu Investment will convert its RMB 300 million debt held in Pingshen International to equity, increasing its shareholding in Pingshen International from 70% to approximately 80.92%. This move will strengthen Pingshen International's capital base, optimize its capital structure, and support the development and operation of the Shenzhen Pingshan project. The Shenzhen Pingshan project held by Pingshen International is a smart logistics port under construction, expected to be completed in 2025. This debt-for-equity swap agreement is a related party transaction under Chapter 14A of the Listing Rules, and has complied with relevant reporting and announcement requirements. The board of directors believes that the terms of this transaction are fair and reasonable, and in the interests of the company and its shareholders.