Summary by Moomoo AI
Fusion Services signed a property transfer agreement with a Lung Chung Group member company on December 28, 2023, to transfer to the Group two stores located in Qihe County, Shandong Province, for a transaction price of approximately RMB 724.8 million, which will offset the payment of the same amount outstanding to the Group by the relevant merger group member companies. Pay. The transaction constitutes a connected transaction, but is exempt from compliance with the Circular and Independent Shareholder Approvals as the applicable percentage is less than 5%. This property transfer helps the Group to collect recoverable monies, reduces the risk of receivables and does not affect the Company's cash flow and liquidity. China Merger is the controlling shareholder of the company and holds a 49.7% stake in the company. The transaction is expected to be completed by June 30, 2024.