Golden Dragon progresses with major asset restructuring plans

Guangdong Golden Dragon Development (SZSE:000712) announced progress in its planned major asset restructuring, specifically the intended transfer of its 67.78% stake in Zhongshan Securities. The transaction, first disclosed on June 6, 2024, is expected to constitute a major asset restructuring under relevant regulations. The company has pre-listed the transaction on the Shanghai United Property Exchange, seeking potential transferees. Securities service firms have been engaged to conduct due diligence, auditing, and valuation. The company said it will ensure that the restructuring does not impair ongoing operations, or result in its assets being primarily in cash or businesses without specific operations. The transaction remains subject to board and shareholder approval.