On April 7, Hefu brilliant (00733. HK) announced that after the trading session on March 31, the company entered into an agreement with Poly Developments And Holdings Group Co.Ltd(600048) on the proposed restructuring of transformation, Poly Developments And Holdings Group Co.Ltd(600048) no longer holds any equity and property agency transactions in Hefu China.
With regard to the proposed restructuring, poly Consulting Group will cease its business after performing all outstanding contracts or transferring to a third party to undertake, sell assets, arrange manpower, liquidate the rights and liabilities of creditors and take all other necessary actions determined by the contracting party.
After the completion of the transformation, Hefu contracting party and poly contracting party will transfer their equity to Hefu investment (or other member companies of Hefu brilliant) through Poly Developments And Holdings Group Co.Ltd(600048) ; Or Hefu China will arrange Poly Developments And Holdings Group Co.Ltd(600048) no longer hold 43.9% equity of Hefu China through equity reduction.
In terms of lifting the commitment of non competition, Hefu contracting party and poly contracting party will no longer be restricted by any provisions on competition restrictions under the 2018 cooperation agreement, which will take effect from the effective date.
In 2018, Hefu brilliant signed a cooperation agreement with poly. Both parties agreed that their first-hand and second-hand property agency business would be exclusively operated by Hefu China, and Hefu brilliant and Poly Developments And Holdings Group Co.Ltd(600048) (including entities under their respective control) would not invest in first-hand and second-hand property agency business, other entities, or operate any business similar to Hefu China, unless the business was operated by Hefu China.
In terms of property agency transactions, Poly Developments And Holdings Group Co.Ltd(600048) will sell Poly Developments And Holdings Group Co.Ltd(600048) real estate development projects with a property value of no less than 80 billion yuan every 12 months and enter into a first-hand property agency business contract with Hefu contracting party or designated Hefu brilliant member company for a period of five years.
As of the announcement date, Poly Developments And Holdings Group Co.Ltd(600048) is a shareholder of Hefu China and directly holds 43.9% of the equity of Hefu China. After the proposed restructuring, Hefu China will no longer hold any direct or indirect interests in poly consulting group or poly Consulting Group business, Hefu investment will hold 100% equity of Hefu China, and Hefu China will hold all existing equity of Hefu China group.
In addition, the announcement shows that the trading of Hefu brilliant shares will be suspended on the stock exchange from 9 a.m. on April 1, 2022. At its request, the trading will be resumed from 9 a.m. on April 8, 2022.
The annual report of Hefu brilliant shows that the owner of the company should account for a loss of 545 million yuan in 2021, turning from profit to loss compared with the previous year.
