Group 1 - The company, Baifu Holdings (01488.HK), has entered into an agreement to sell 1.71% equity stake in its affiliate, Guangzhou Yujian Xiaomian Catering Co., Ltd., for RMB 48 million, with the transaction expected to complete on August 5, 2025 [1][2] - Following the sale, the company's ownership in the target company will decrease from approximately 17.16% to 15.46%, while the target company will continue to be accounted for as an associate [1][2] - The target company operates a rapidly growing chain of modern Chinese noodle restaurants, focusing on Sichuan and Chongqing flavors, with its store network expanding from 170 locations at the end of 2022 to a projected 360 by the end of 2024 [2] Group 2 - The board believes that the Chinese restaurant industry is currently in a growth phase, presenting numerous business opportunities, and the sale will allow the company to recoup initial investment costs to supplement working capital and seek new investment opportunities [2] - The proceeds from the sale are intended for general working capital, and the company views its remaining stake in the target company as a significant strategic investment, with no current plans to dispose of the remaining shares [2] - The company will remain the second-largest shareholder in the target company post-transaction, maintaining significant influence through shared directorships [2]
百福控股(01488.HK)拟4800万元出售广州遇见小面餐饮1.71%股权