Summary by Moomoo AI
Huachen China (1114) announced on February 5, 2024 that the restructuring plan of its controlling shareholder Huachen Automotive Group Holdings Limited is underway. The company disclosed that its plan to sell a 0.44% stake in Huachen China held by its wholly-owned subsidiary Liaoning Xinrai Automotive Industry Development Co., Ltd., through auction, has been formally terminated. XINRUI LIAONING WILL DISPOSE OF THE SHARES IN OTHER WAYS. IN ADDITION, SHENYANG AUTOMOBILE CO., LTD. HAS SIGNED A CONDITIONAL INVESTMENT AGREEMENT TO ACQUIRE 100% EQUITY IN HUACHEN UPON COMPLETION OF THE SALE OF 0.44% SHARES. Upon completion of the transaction, Shenyang Motor will indirectly hold the remaining 29.99% stake in Huachen China. HUACHEN CHINA SAID IT WOULD CONTINUE TO FOCUS ON REVIEWING PROGRESS AND UPDATE SHAREHOLDERS AND THE PUBLIC IN DUE COURSE.