Jilin Chuncheng Heating plans major asset acquisitions

Jilin Province Chuncheng Heating Company Limited (HKEX:1853) has announced a major connected transaction involving the acquisition of various assets from its controlling shareholder, Changre Group. The acquisitions, totaling RMB166,487,839.71, involve three separate agreements. The company will acquire certain land, structures, machineries and equipment, pipe networks and vehicle currently used by Changre Group for heat production purposes; Yatai Heating will purchase certain structures, machineries and equipment currently used by Changre Group for heat production purposes. Jilin Heating will conditionally agree to purchase assets. These moves aim to integrate heat production resources, enhance management, and reduce related-party transactions. The deals are subject to shareholder approval and other conditions precedent, including regulatory approvals. Giraffe Capital Limited is acting as the Independent Financial Adviser.