Gelonghui, April 26, 丨 Titan Energy Technology (02188.HK) announced that the Group plans to sell all of Zhuhai Libo's shares in the form of an auction on May 7, 2024. The reserve price is RMB 28 million.
Zhuhai Libo's main asset is holding such properties. These properties mean that the Group currently occupies two industrial buildings located at 60 Shihua West Road, Zhuhai, Guangdong Province, China.
Since (i) the Group's production and office base in Tangjiawan Town, High-tech Zone, Zhuhai has been completed; and (ii) the Group established a new production base in Caofeidian Industrial Zone in Tangshan City, Hebei Province in 2023, the board of directors believes that the implementation of potential sales will help improve the overall management efficiency of the Group's business and optimize the Group's resource allocation. At the same time, the Group's cash flow will also increase further. The Board believes that the potential sale will benefit and will not affect the Group's business and financial performance.