Summary by Moomoo AI
Dongfeng Group Co., Ltd. (the “Company”) announced that its direct non-wholly-owned subsidiary Lantu Automotive Technology Co., Ltd., signed an asset transfer agreement with Dongfeng Motor Corporation on February 23, 2024, agreeing to acquire the target asset, namely the Arantou series brand, at a price of RMB 52.3 million. Since Dongfeng Motor Company directly and indirectly holds 72.85% of the issued share capital of the Company and is the controlling shareholder of the Company, this transfer of assets constitutes a connected transaction. Completion of the transaction will help enhance the integrity of Arantou Automotive's core assets and potentially attract potential investors. The transfer price is based on the valuation report issued on 5 January 2024 by the independent asset appraisal body, China, Swiss International...Show More