Summary by Moomoo AI
BAO GUANG INDUSTRIES (INTERNATIONAL) LIMITED (THE “COMPANY”) ANNOUNCED ON FEBRUARY 29, 2024 THAT ALL PREREQUISITES UNDER THE FLAGSHIP SHARE SALE AGREEMENT HAVE BEEN MET AND THE SALE OF SHARES HAS BEEN COMPLETED. THE TRANSACTION INVOLVES THE SALE OF WATCH INVENTORY, WHERE WATCH INVENTORY 2 WILL BE OFFICIALLY DELIVERED TO THE TARGET COMPANY ON MARCH 1, 2024, WHILE WATCH INVENTORY 1 WILL BE DELIVERED UNDER THE AGREEMENT ON THE DELIVERY DATE. UPON COMPLETION OF THIS TRANSACTION, THE TARGET COMPANY WILL NO LONGER BE A SUBSIDIARY OF BAO GUANG BUSINESS AND ITS FINANCIAL RESULTS WILL NO LONGER BE INCLUDED IN THE GROUP'S FINANCIAL STATEMENTS. The completion of this transaction marks a major realignment of the Company's business structure.