Summary by Moomoo AI
China Hongqiao Group Co., Ltd. (“China Hongqiao”) announced on 7 February 2024 that Changzhe Hongqi and Changzhe Hongye exercised a share option requesting the repurchase of the 3.25% and 0.79% shareholdings of Shandong Hongqiao, respectively held by the underwriters. Upon completion of the transaction, China Hongqiao increased its shareholding in Shandong Hongqiao from 94.52% to 98.56% and Shandong Hongqiao will continue as an indirect non-wholly-owned subsidiary of China Hongqiao. The exercise of the share option is based on a capital increase agreement dated May 3, 2021 and was completed on or before March 15, 2024. Shandong Hongqiao's main business includes mining, non-ferrous metal smelting, etc., with a 2022 revenue of RMB129,712,253 thousand and profit after tax of RMB9,630,591 thousand.