Zhongjun Group Holdings (01966) and Zhongjun Business Management (00606) jointly announced that on November 6, 2023, Zhongjun Asset Holdings Co., Ltd., an indirect wholly-owned subsidiary of Zhongjun Group Holdings (01966), intends to sell all of the issued shares of Jushi Development Co., Ltd. to Gaosi Enterprise Co., Ltd., an indirect wholly-owned subsidiary of Zhongjun Business Management (00606); and the seller has agreed to facilitate the transfer of sales debt from Junhui Real Estate (a wholly-owned subsidiary of Zhongjun Business Management) to Zhongjun Commercial Management (a wholly-owned subsidiary of Zhongjun Business Management) at a cost of about RMB 1.09 billion. The price will be partly The internal resources of Zhongjun Business Management and part of the idle proceeds from Zhongjun Business Management's initial public sale were disbursed.
According to reports, the target company wholly owns Zhiyi Investment Co., Ltd., which is mainly engaged in investment and holding, while Zhiyi Investment Co., Ltd. wholly owns Titeng Real Estate and is mainly engaged in holding this property, which is also its main asset.