Cinda International Holdings (00111) announced that on August 21, 2024, the company published a public listing notice on the Shanghai United Property Exchange to initiate the listing and sale process. The public listing notice includes two separate notices regarding the proposed sale of 50% of the equity of Cinda International Shanghai (each notice indicating the proposed sale of 50% of the equity); and two separate notices regarding the proposed sale of 50% of the equity of Cinda Leading (each notice indicating the proposed sale of 50% of the equity). The potential sale matters are not interdependent. The indicative listing prices for 50% of the equity of Cinda International Shanghai and Cinda Leading are RMB 16.95 million and RMB 8.7 million respectively.
The announcement states that as of the date of this announcement, the target company is a direct wholly-owned subsidiary of the company. Cinda International Shanghai is mainly engaged in the establishment of various partnership enterprises and the management of such enterprises in China. Cinda Leading is mainly engaged in the establishment of various equity investment enterprises and the management of such enterprises in China.
In order to optimize resources and streamline the group structure, the company plans to sell the target equity. The potential sale matters will help the group reallocate resources to other existing or market-oriented businesses. The board of directors believes that the potential sale matters, if implemented, will provide a solid foundation for the group to achieve overall stable operations and promote sustainable development.
