Summary by Moomoo AI
c zenith chem group limited ("c zenith chem") announced on November 8, 2024, that the board of directors has approved the proposed sale of 90% equity interest in Heihe Longjiang Chemical Co., Ltd., indirectly held by c zenith chem. The sale aims to improve the overall operation of c zenith chem, as Heihe Longjiang has had poor performance in recent years, negatively impacting the company's overall operation. This move will help the company concentrate resources on developing new businesses, enhance cash flow, and promote long-term steady development. Currently, c zenith chem is in discussions with an independent third party regarding the transaction, but has not reached any agreement on the sale. If the sale is completed, it may constitute a very significant disposal under the Hong Kong Listing Rules, requiring compliance with relevant declaration, publication, announcement, and shareholder approval requirements. The company will timely issue further announcements, and shareholders and potential investors should exercise caution.
