Summary by Moomoo AI
China Longyuan announced on August 23, 2024 that it has completed the sale of its and its subsidiary Xiong Ya's total holding of 27% equity in Jiangyin Sulong. The successful bidder is Jiangyin Power, and the transaction price is RMB 1,319.15007 million. This transaction means that China Longyuan and its subsidiaries no longer hold any equity in Jiangyin Sulong, and the financial performance of Jiangyin Sulong will no longer be included in China Longyuan's consolidated financial statements. According to the listing rules, this transaction is a disclosed transaction, but exempt from shareholder approval. Jiangyin Power is an existing shareholder of Jiangyin Sulong, holding 30.3% equity and is considered a related party. China Longyuan stated that the proceeds from this transaction will be used for the company's daily production and operation.