Summary by Moomoo AI
Dongfeng Group announced on 29 January 2024 that its non-wholly-owned subsidiary Dongfeng Jing has entered into an equity transfer agreement with Dongfeng Motor Co., agreeing to acquire the entire shareholding of Zhongfeng Finance Leasing Limited. Upon completion of this equity transfer, Chung Finance Lease will become an indirect non-wholly owned subsidiary of Dongfeng Group. The transfer price is RMB1,122 million, based on the valuation report issued on 12 January 2024 by the independent asset valuation agency, Bank Credit Asset Valuation Limited. The transfer of shares is subject to the listing rules and has been approved by all relevant approval departments. Dongfeng Group said that the acquisition will help drive the Group's after-sales business development, extend the value chain and promote high-quality development of the entire industry chain.