China: Inner Mongolia Xishui had 90% equity in its holding subsidiary transferred

Byzhangli

Updated 2014-01-02

Inner Mongolia Xishui Entrepreneurial Incorporated Company (hereinafter referred to as the "Xishui") announced on the evening of 31 December that it will have its 90% shares in Shanghai Yikai Guoteng InfoTech Ltd (hereinafter referred to as the "Shanghai Yikai") transferred to Shenzhen Xinheng Oriental Trade Co. (hereinafter referred to as "Shenzhen Xinheng"), and the transfer price is 81.9402 million yuan.

According to the announcement, the transaction price is made according to the net asset value of the corresponding 90% stake in Shanghai Yikai assessed by Beijing Dazhenghai Diren Assets Appraisal Co. Ltd. in 30 November, 2013, as well as negotiations between Xishui and Shenzhen Xinheng.

After the completion of the transfer, Xishui will no longer hold equity in Shanghai Yikai.

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