Gelonghui announced on December 11 that S HARBOURHOLD (01663.HK) signed an Equity Transfer agreement with the buyer on December 11, 2024, whereby the seller (a subsidiary of the company) agreed to transfer and the buyer agreed to acquire 100% equity of Hangzhou Gangyu for a price of 8,560,000 yuan.
Hangzhou Gangyu is a limited liability company registered in China and is a subsidiary of the company. Hangzhou Gangyu is a commercial property operation service provider, primarily engaged in non-residential Real Estate leasing and providing marketing planning services. As of the date of this announcement, the property has not yet been transferred to Hangzhou Gangyu, and Hangzhou Gangyu's net Assets are less than 2,000,000 yuan. Since its establishment on July 27, 2022, Hangzhou Gangyu has been operating at a loss.
The Directors believe that the sale will provide the Group with additional funds for general Operation purposes. Given that the Group will no longer own any equity in Hangzhou Gangyu after the completion of the sale, the guarantees provided by Hangzhou Gangyun will be terminated.
