Wancheng Holdings (02892.HK) announced that the joint venture partners purchased sales shares from the subsidiary Lucky Win of the company for about Rmb100m, accounting for 30 per cent of the issued share capital of the joint venture company, in order to terminate the cooperation agreement signed between Lucky Win and it. The joint venture company was established to acquire Shenzhen Guoxin to develop the property development business of the Group.
After the completion of the transaction, the company will no longer enjoy the rights and interests of the joint venture group, and the joint venture group will no longer be the contact person of the company.