BC Technology Group Co., Ltd. (00863.HK) announced that it signed an equity transfer agreement with an independent third party on November 12, 2023, to sell 90% of the equity of its indirect wholly-owned subsidiary Shanghai Jingwei Enterprise Development Co., Ltd. The transaction price is approximately RMB 23 million (approximately HKD 24.6 million). After the completion of the transaction, Shanghai Jingwei Enterprise Development Co., Ltd. will no longer be a subsidiary of BC Technology Group. The sale constitutes a major transaction of the Company and is subject to the reporting, announcement, circular and shareholder approval requirements of Chapter 14 of the Listing Rules. BC Technology Group will convene a special general meeting of shareholders to approve the equity transfer agreement and the transactions contemplated thereunder.
In addition, BC Technology Group stated that it has applied for the shares to continue to be temporarily suspended from trading on the Stock Exchange pending the company’s announcement on the issuance of new shares (which constitutes inside information of the company).