Financial Street Holdings updates on asset sales and acquisitions

Financial Street Holdings provided an update on its asset divestitures and acquisitions. The company finalized the sale of its 100% stake in Jinmen Tianjin, along with related debt, to Beijing Jinhao Real Estate for a provisional price of RMB 526.3 million. The final price is subject to a post-closing audit. Furthermore, the company plans to sell its 30% stake in Changrong through a listing on the Beijing Equity Exchange and acquire a 51% stake in Changjin, currently held by scientific city placement. These transactions follow differences in operational strategies and aim to optimize the company’s asset portfolio. The estimated impact of these transactions on the company's 2024 net profit is approximately RMB -94 million, with an expected net cash recovery of RMB 2.98 million after the transaction is completed. These figures are preliminary and subject to final audit. Ping An Securities, acting as trustee, will continue to monitor developments.