Summary by Moomoo AI
HUA RUN LAND CO., LTD. (“HUA RUN LAND”) ANNOUNCED ON 14 MARCH 2024 THAT ITS SPLIT OFF HUA HUA HUA RUN COMMERCIAL ASSET CLOSED-END INFRASTRUCTURE SECURITIES INVESTMENT FUND (“REIT”) HAS BEEN LISTED ON THE SHENZHEN STOCK EXCHANGE UNDER THE TRADING CODE 180601.SZ. The total fund share of this REIT raising was RMB6.902/share, with a final sale price of RMB69.02 billion. HUA RUN COMMERCIAL ASSETS SUBSCRIBED TO 3 BILLION OF THESE AS STRATEGIC INVESTORS, ACCOUNTING FOR 30% OF THE TOTAL ISSUANCE SHARE. Upon completion of the project, the project company will no longer be a subsidiary of the Huarun Land and its accounts will no longer be consolidated into the accounts of the Huarun Lands. The listing of the REIT will help Huawei to localize its infrastructure assets, improve asset turnover, and enhance the Company's rolling investment capacity and sustainability, thus benefiting the Company's long-term development.