Haikong Nanhai Development secures key approval for Hangzhou Wangying acquisition

Haikong Nanhai Development (SZSE:002163) announced that it has received the "Record Form for Accepting Non-State-Owned Asset Evaluation Projects" from its controlling shareholder, Hainan Provincial Development Holdings Co., Ltd., marking a significant step forward in its proposed acquisition of a 51% controlling stake in Hangzhou Wangying Technology Co., Ltd. The company's eighth board of directors' twenty-second meeting approved the acquisition, which involves a staged cash payment of CNY 43,842.46 million for the 51% stake. The evaluation value of the acquisition has now been officially recorded. The acquisition is still subject to approval at the company's shareholders' meeting.