BC Technology Group sells 90% stake in Shanghai Jingwei for approximately RMB 23 million

On November 14th, BC Technology Group Limited (stock code: 00863.HK) announced that it had signed a share transfer agreement with a third-party on November 12th, 2023, to sell 90% of the equity of its indirectly wholly-owned subsidiary, Shanghai Jingwei Enterprise Development Co., Ltd. The transaction price is approximately RMB 23 million (approximately HKD 24.6 million). After the completion of the transaction, Shanghai Jingwei Enterprise Development Co., Ltd. will no longer be a subsidiary of BC Technology Group. This sale constitutes a major transaction of the company and must comply with the declaration, announcement, letter and shareholder approval requirements of Chapter 14 of the listing rules. BC Technology Group will convene a special general meeting of shareholders to approve the share transfer agreement and the proposed transaction under it.

In addition, BC Technology Group stated that it has applied for a temporary suspension of trading of its shares on the Stock Exchange of Hong Kong, pending the announcement of the issuance of new shares (which constitutes insider information of the company).