Jiangshan Holdings (00295) announced that on January 29, 2024, Yangzhou Qixing New Energy Development Co., Ltd., an indirect wholly-owned subsidiary of the company, plans to sell 60% of the shares of Shaanxi Yirun New Energy Technology Co., Ltd. to Beijing Yixin Fengtai Technology Partnership (limited partnership) at a total cost of RMB 4.2 million. The group is expected to lose approximately RMB 5.5 million on the proposed sale.
According to reports, the target company is mainly engaged in providing operation and maintenance services for solar power plants.
The directors believe that this is a good opportunity for the Group to sell the target company in order to better allocate the Group's resources to other business divisions of the Group and improve the Group's financial position by reducing the Group's losses.