wildwildwestmegaways| Wancheng Metal Packaging (08291.HK) plans to sell 51% stake in Wancheng Group for HK$180,000

Gelonghui May 22 丨 Wancheng Metal Packaging (08291wildwildwestmegaways.HK) Announcementwildwildwestmegaways, on May 22, 2024wildwildwestmegaways, the company entered into the agreement with the buyer Xu Jingye (an independent third party) in relation to the sale, pursuant to which the seller agreed to sell and the buyer agreed to purchase the sale shares at a consideration of HK$180,000. The sale shares represent 51% of the issued shares of the target company Wancheng Group Limited, which was a direct wholly-owned subsidiary of the company as at the date of the agreement and before completion. After the transfer of sales shares is completed, the target company will no longer be a subsidiary of the company.

The target company is a direct wholly-owned subsidiary of the company. It is a limited company incorporated in Hong Kong in 2023 and is mainly engaged in repackaging and sales of cosmetics.

Taking into account the financial performance of the Target Company and reviewing its business and operating conditions, and taking into account factors such as (but not limited to) increasing market competition, changing consumer preferences and other fixed costs of the Target Company, the Board considers the disposal to be appropriate. After the sale is implemented, it will not only bring the buyer's sales experience and network for business expansion, but also share the fixed costs of the target company, which will also enhance the Group's cash flow and improve the Group's liquidity.

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