According to Zhitong Finance App, Guangzheng Education (06068) announced that on April 19, 2024, the company (as the seller) and Glorious Maple Limited (as the buyer) signed a sales agreement. The seller agreed to sell them to the buyer, and the buyer agreed to buy sales shares (117,000 Class A participating shares) from the seller at a cost of HK$101 million.
According to reports, Class A participating shares are participating shares designated as Class A shares of the fund GLAM-HKCFC MBS FUND.
Taking into account the cash inflow from the sale, the director believes that given the uncertain overall economic outlook, the sale is a good opportunity for the Group to seize this investment, reallocate its resources and focus on developing the Group's core business in the education industry. Proceeds from the sale are intended to be used as the Group's working capital.