SGIS Songshan advances equity transfer, waives preemptive rights

SGIS Songshan (SZSE:000717) announced further developments regarding its plan to transfer a 24.5% stake in Guangdong Baoqing Technology, a joint-stock company, via public listing. The company is also waiving its preemptive right to purchase a 26.5% stake in Baoqing Technology held by Baowu Clean Energy. The initial listing price was set at CNY 2,069.53 million. After failing to attract any bidders initially, SGIS Songshan lowered the price by 10% before relisting. The company has now received a bid from a consortium consisting of Guangdong Yuntao Hydrogen Energy Technology, Guangzhou Baiyun New Energy Technology, and Guangzhou Baiyun Jin Ke Holding Group, which has deposited a CNY 11 million guarantee. SGIS Songshan emphasized that the deal's completion remains uncertain pending regulatory approvals and advised investors to be mindful of potential risks.