Summary by Moomoo AI
Fusion Services signed an equity interest and debt transfer and repurchase agreement with Lung Chung Group on 15 March 2024 concerning two real estate projects in Changshu City, Jiangsu Province. Under the agreement, the Fusion Group will transfer the relevant equity interest and debt rights to Fusion Services at a price of RMB 1 million, half of which will be paid in cash and the other half will be offset against receivables. The Merger Group will repurchase the above interests in the form of a real estate transfer within six months. The transaction constitutes a connected transaction, but is exempt from compliance with the Circular and the approval of independent shareholders. Fusion Services believes that this will help to recover recoverable funds and reduce the risk of receivables.