Fengsheng holdings and China high speed transmission jointly announced on the Hong Kong Stock Exchange on March 6 that all preconditions of the equity transfer agreement have been reached, and the completion of the sale of 43% equity of Nanjing high speed has been implemented on March 4, 2022 in accordance with the terms and conditions of the equity transfer agreement, supplementary agreement and the second supplementary agreement. Upon completion, the seller’s equity in Nanjing Expressway will be reduced from about 93.02% to about 50.02%. Nanjing Expressway will remain an indirect non wholly-owned subsidiary of Fengsheng holding and China high-speed transmission, and its financial performance will continue to be incorporated into the performance of Fengsheng holding and China high-speed transmission.
On March 30, 2021, Fengsheng holdings and China high speed transmission jointly announced that Nanjing gaochi Enterprise Management Co., Ltd., an indirect wholly-owned subsidiary of China high speed, plans to sell 43% equity of Nanjing high speed to Shanghai Wensheng Asset Management Co., Ltd. at a price of 4.3 billion yuan.
