Hongtai Tech sells stakes in subsidiaries for $1.4m

Wuxi New Hongtai Electrical Technology (SSE:603016) has completed the sale of its equity stakes in two subsidiaries through a public listing process. The company sold its 82.5% stake in Wuxi Hongsen Electronics for approximately $150 USD to Zhou Zhike. Additionally, it divested its 75% stake in Tianjin Jin-Di Hongtai Electrical Appliances for $1.4 million USD to Yuan Yi. The transactions, based on asset appraisals, streamline Wuxi New Hongtai's business structure. Following these sales, Hongtai Tech no longer holds equity in either entity, and they will no longer be included in the company's consolidated financial statements.