Zhangzidao Group subsidiary plans asset transfer to streamline operations

Zhangzidao Group (SZSE:002069) is moving forward with plans to transfer accounts receivable from its wholly-owned Hong Kong subsidiary, Zhangzidao Fishery Group HK Co., Ltd., to Dalian Zhangzidao Ocean Development Group Co., Ltd. The assets to be transferred consist of accounts receivable with a book value of CNY 59,740,463.00 as of April 30, 2025, which will also be the transfer price based on an asset valuation report from Liaoning Zhonghua Asset Appraisal Co., Ltd. The transaction aims to optimize the subsidiary’s asset structure, improve cash flow, and focus on core operations. It has been approved by Zhangzidao Group’s independent directors and board, pending shareholder approval. Related board members have recused themselves, and related shareholders must recuse themselves as well. The transactions will require further procedures from related parties to effectuate and are conditional upon successful business registration being completed.