Chenxing Development (02286) announced that on January 8, 2024, Chenxing Real Estate Development Co., Ltd., an indirect wholly-owned subsidiary of the company, plans to acquire 16.1074% of Sichuan Chenxing's shares from Sichuan Changxing Industrial (Group) Co., Ltd. at a cost of RMB 45 million.
As of the date of this announcement, Sichuan Chenxing is an indirect non-wholly-owned subsidiary of the Company. The Group and the seller hold 83.8926% and 16.1074% respectively. Once the acquisition is completed, the company will hold all of Sichuan Chenxing's shares, and Sichuan Chenxing will become an indirect wholly-owned subsidiary of the company.