Gelonghui May 22 丨 Wancheng Metal Packaging (08291ruletagame.HK) AnnouncementruletagameOn May 22, 2024, the company and the buyer Xu Jingye (an independent third party) entered into the agreement in relation to the sale, pursuant to which the seller agreed to sell and the buyer agreed to purchase the sale shares at a consideration of HK$180,000. The sale shares represent 51% of the issued shares of the target company Wancheng Group Limited, which was a direct wholly-owned subsidiary of the company as at the date of the agreement and before completion. After the transfer of sales shares is completed, the target company will no longer be a subsidiary of the company.
The target company is a direct wholly-owned subsidiary of the company. It is a limited company incorporated in Hong Kong in 2023 and is mainly engaged in repackaging and sales of cosmetics.
Taking into account the financial performance of the target company and reviewing its business and operating conditions, taking into account (including but not limited to) increasing market competition, changing consumer preferences and the target company's interests.ruletagameDue to factors such as fixed costs, the board of directors believes that the disposal is appropriate. After the sale is implemented, it will not only bring the buyer's sales experience and network for business expansion, but also share the fixed costs of the target company, which will also enhance the Group's cash flow and improve the Group's liquidity.
