On October 16, Gain10 reported that Weiye Holdings (01570.HK) announced that on October 15, 2024, the company had entered into a sales agreement with the relevant buyers. According to the agreement, the company agrees to sell, and the buyers (namely Zhang Wei, Zhuang Xin, and Henan Weiye Hui Life Service Co., Ltd.) agree to purchase 23.7 million ordinary shares, 16.2 million ordinary shares, and 32 million ordinary shares of the target company, at a total price of approximately 2.876 million Singapore dollars (equivalent to approximately 17.256 million Hong Kong dollars) (representing approximately 66.76% of the target company's issued and fully paid-up share capital), at a sale price of 0.04 Singapore dollars per share.
The target company (i.e. Eindec Group Limited, a company listed on the Singapore Exchange (stock code: 42Z)) is mainly engaged in investment holding, with its shares listed on the Catalist of the Singapore Exchange. As of the date of this announcement, the company directly holds 66.76% of the equity of the target company. As of the date of the sales agreement and completion, the target company is a subsidiary of the company. After completion, the target company will no longer be a subsidiary of the company. The financial performance of the target company will no longer be consolidated into the Group's comprehensive financial statements.
