Summary by Moomoo AI
JNCEC announced that its wholly-owned subsidiary, JNCEC Hong Kong, signed a sale and purchase agreement with JNCEC Australia on August 20, 2024, agreeing to sell 40% of JNCEC Australia's equity for AUD 183.0 million plus a possible adjustment amount. After the transaction, JNCEC Australia will continue to operate as a subsidiary of JNCEC, and its financial performance will continue to be included in the consolidated financial statements. Since JNCEC Group directly and indirectly holds approximately 68.68% of JNCEC's equity, and JNCEC Australia is a contact person of JNCEC Group, this transaction constitutes a connected transaction and must comply with the disclosure, announcement, and independent shareholder approval requirements of Chapter 14A of the Listing Rules. The transaction is expected to enable JNCEC to realize overseas investment returns flowing back to China, and to use the proceeds to repay existing debts and focus on its main business in China. The shareholders' meeting will be convened to approve this transaction, and relevant communications are expected to be distributed by September 12, 2024, or earlier.