Core Viewpoint - New City Development (01030) announced the conditional sale of its subsidiaries, New City Jin Feng Asset Management Co., Ltd. and New City Jin Feng Securities Co., Ltd., to Jin Feng Capital Holdings Limited for a total consideration of HKD 88.05 million, aimed at optimizing resources and streamlining the group's structure [1] Group 1: Transaction Details - SRCIM, a wholly-owned subsidiary of the company, has entered into two share transfer agreements with Jin Feng Capital Holdings Limited, agreeing to sell the entire issued share capital of target company A for HKD 25.23 million and target company B for HKD 62.82 million [1] - The sale is conditional, with both parties agreeing to the terms outlined in the share transfer agreements [1] Group 2: Strategic Rationale - The board believes that the sale will enable the group to optimize resources and streamline its structure, particularly as the target companies do not have significant business operations [1] - For the fiscal year ending December 31, 2024, the target companies are expected to incur overall losses, with only minimal profits projected for the year ending December 31, 2025 [1] - The proceeds from the sale will allow the group to allocate financial resources to its primary business operations as a property developer or other future business developments [1]
新城发展拟2523万港元及6282万港元出售新城晋峰资产管理、新城晋峰证券全部股权