Fenglong Co. announced that it plans to transfer 100% equity in its wholly-owned subsidiary Zhejiang Maisheng Machinery to Shaoxing Jinchang Electric, with the transaction price tentatively set at 34 million yuan. Meanwhile, shareholder Dong Jiangang, who holds more than 5% of the shares, will provide joint liability guarantee for the company's performance of the agreement free of charge. After the transfer is completed, Maisheng Machinery will no longer be included in the company's consolidated financial statements. This transaction does not constitute a major asset restructuring.
Zhejiang Fenglong Electric Co Ltd Class ACompany divests subsidiary for 34 million yuan, impact on overall value unclear.
