Hongqiao Group announces asset disposals and continuing transactions

China Hongqiao Group Limited (HKEX:1378) has announced a series of connected transactions involving asset disposals and new industrial agreements. The company will dispose of assets through three agreements, which will see Lvxiang Resources, Lvzhi Resources and Weiqiao Renewable acquire assets from Beihai Xinhe, Zhanhua Huihong and Weiqiao Aluminium & Power, respectively. Hongqiao expects to record a gain of approximately RMB 93.9 million from the disposals, with the net proceeds used as general working capital.