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Shanghai Zendai Property Divests Stakes in Four Firms, Seeks Name Change
Shanghai Zendai plans to sell all equity and debt of a series of subsidiaries for 10 million yuan.
Shanghai Zendai (00755) announced that on July 26, 2024, after the trading session of HKEX, the company, the buyer Sheng Rui Xiang (Hong Kong) Limited and the target company (company's subsidiaries Auto Win, Giant Hope, Best East and Ample Century) entered into the agreement. Accordingly, the company has agreed to sell and the buyer has agreed to purchase all the shares (i.e. all equity interests of the target companies) and the company has also agreed to transfer the debts to the buyer. The total consideration is RMB 10 million, to be paid by the buyer in cash upon completion.
Shanghai Zendai plans to adopt “Dafangguang Ruide Group Co., Ltd.” as the second name
Shanghai Zendai (00755) announced that its board of directors recommends changing the company's official registered English name from 'Shanghai Zendai Property Limited' to 'DevGreat Group Limited'; and adopting the Chinese name '大方广瑞德集团有限公司' as the company's second name. After the proposed change in the company name takes effect, the company will no longer use 'Shanghai Zendai Real Estate Co., Ltd.' as its only Chinese name for identification purposes.
Shanghai Zendai Restructures Assets and Proposes New Name
Shanghai Zendai (00755.HK) plans to rename as 'Grandway Guorui De Group'.
On July 26, Gelunhui reported that Shanghai Zendai (00755.HK) announced that the board of directors recommends (i) changing the company's official registered English name from "Shanghai Zendai Property Limited" to "DevGreat Group Limited"; and (ii) adopting the Chinese name "大方广瑞德集团有限公司" as the company's second name. After the recommended change of company name takes effect, the company will no longer use "上海证大房地产有限公司" as the only identification of the company name.
Shanghai Zendai (00755.HK) intends to sell all the equity of Auto Win, Giant Hope, Best East and Ample Century.
On July 26th, Gelunhui reported that Shanghai Zendai (00755.HK) had signed an agreement with the buyer, Shengruixiang (Hong Kong) Limited and the target companies (Auto Win, Giant Hope, Best East, and Ample Century) on July 26th, 2024. According to this agreement, (i) the company has agreed to sell all the equity of the target companies, and the buyer has agreed to purchase them; and (ii) the company has also agreed to transfer the debt to the buyer. The total price is about HKD 11 million, to be paid in cash upon completion.
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