Summary by Moomoo AI
Fusion China announced on March 18, 2024 that its wholly-owned subsidiaries Fusion Invention and its partner Shijiazhuang Zhengtai Construction Development Co., Ltd., and Target Corporation, Shijiazhuang Central Business District Development Co., Ltd., signed an agreement to sell 80% of the shares in its holding company, at a transaction cost of approximately RMB814 billion. Of this, approximately RMB 1.48 million will be offset against debts owed by the Group, while the remaining approximately RMB6.6 billion will be paid by the partner in cash. The money will be used mainly for construction and building security of projects in Shijiazhuang City. Upon completion of the transaction, China Fusion will no longer hold the shares of the target company and the target company will no longer be its joint...Show More