East Lake High-Tech sells Hubei Data stake for 296m yuan

Wuhan East Lake High Technology Group Co., Ltd. announced that its wholly-owned subsidiary, Wuhan East Lake High-tech Digital Technology Investment Co., Ltd. (High-tech Digital), has signed an equity transfer agreement to sell its 30% stake in Hubei Data Group Co., Ltd. to Hubei United Investment Group Co., Ltd. The transaction price for the 30% equity is 296,325,090 yuan.

The payment for the transfer will be made in two installments. Hubei United Investment Group is to pay the first installment of 148,162,545 yuan within 10 working days of the agreement's effective date. The remaining 148,162,545 yuan will be paid within 10 working days after the equity transfer is registered with the relevant authorities.

This sale means that Wuhan East Lake High Technology Group will no longer hold shares in Hubei Data Group upon completion of the transaction. The company will continue to monitor the progress of this connected transaction.