Gelonghui September 26th 丨Coolpad Group (02369.HK) announced that on September 25, 2023, the Nanjing seller (Yulong Computer Communication Technology (Shenzhen) Co., Ltd., an indirect wholly-owned subsidiary of the company), the Nanjing buyer (i.e. Shanghai Weiheng Industrial Co., Ltd.) and Yulongwei signed a Nanjing equity transfer agreement. Based on this, the Nanjing seller agreed to sell Nanjing sales shares to the Nanjing buyer, equivalent to 20% of Yulong Weixin's equity interest. The total cost was 60 million yuan. According to the Nanjing equity transfer agreement, Yulongweixin must also repay a shareholder loan of approximately RMB 2.48 million to the seller in Nanjing. After the sale in Nanjing is completed, the group will no longer have any interest in Yulong Weixin, and Yulong Weixin will no longer be an associated company of the company.
On the same day, the Dongguan seller (Dongguan Yulong Communication Technology Co., Ltd., an indirect wholly-owned subsidiary of the company), the Dongguan buyer (i.e., Shenzhen Tianan Junye Investment and Development (Group) Co., Ltd.) and Dongguan Tianan signed a Dongguan equity transfer agreement. Based on this, the Dongguan seller agreed to sell the Dongguan sales shares to the Dongguan buyer, which is equivalent to 50% of the equity interest of Dongguan Tianan, at a total cost of RMB 80 million. After completing the sale in Dongguan, the Group will no longer have any interests in Tianan, Dongguan, and Tianan, Dongguan will no longer be a joint venture of the company.
Nanjing Yulongwei New Information Technology Co., Ltd. (“Yulong Weixin”) is a limited company established in accordance with Chinese law. As of the date of this announcement, the Nanjing buyer and the Nanjing seller owned 80% and 20% respectively. Yulongwei Xin is mainly engaged in property development business in China. Its main assets are such buildings. It consists of two 14-storey buildings (including a two-story platform and a three-story basement), with a total floor area of about 892,000 square meters.
Dongguan Coolpad Tianan Investment and Development Co., Ltd. (“Dongguan Tianan”) is a limited company established under Chinese law. As of the date of this announcement, it was owned by the Dongguan buyer and 50% by the Dongguan seller, respectively. Dongguan Tianan is mainly engaged in investment holding and property development business. Tian'an, Dongguan owns the first phase of the Coolpad Tian'an Yungu Industrial Park project. It is located in the Songshan Lake High-tech Industrial Development Zone in Dongguan, with a total floor area of about 176,700 square meters.