Jin Chaoyang (0878) proposed to sell property investment company Linking Smart Limited and all relevant shareholder loans for a total consideration of RMB 3.209 billion.
Stimulated by the news, the stock resumed trading this morning and opened 9.55% higher at 6.88 yuan, but the turnover was only 13,800 yuan.
Linking Smart Limited mainly holds Nos. 128-138 Leighton Road and No. 2-30 Hee Wan Street, Causeway Bay, Hee Wan Building, with a total usable area of approximately 85,900 square feet, of which approximately 87.8% of the building is owned.
The company's announcement stated that the buyer was United Endeavor, and Xu Yi was the ultimate beneficial owner, but did not explain his background.
The net proceeds from the sale will be 2.298 billion yuan, which will be used for future investment and business development, as well as general working capital.
At the same time, the group is expected to record a gain of approximately RMB 597 million from the disposal.