THE EQUITY TRANSFER AGREEMENT

On 28 July 2022 (after trading hours), the Transferor (a direct wholly-owned subsidiary of the Company) entered into the Equity Transfer Agreement with the Transferee, pursuant to which the Transferor agreed to transfer 34,330,000 shares in the Target Company (representing approximately 7.90% of its total equity interest as at the date of this announcement) to the Transferee at an aggregate consideration of RMB537,607,800 (equivalent to approximately HK$645,129,360). 

LISTING RULES IMPLICATIONS

The Transferee is a limited partnership whose general partner is a company controlled by a Director and accordingly, the Transferee is a connected person of the Company and the entering into of the Equity Transfer Agreement and the transactions contemplated thereunder constitute a connected transaction of the Company under Chapter 14A of the Listing Rules. As one or more of the applicable percentage ratios (as defined under the Listing Rules) in respect of the Transfer exceed(s) 0.1% but is/are less than 5%, the Transfer is subject to the reporting and announcement requirements but exempt from the independent Shareholders’ approval requirement under Chapter 14A of the Listing Rules