Kingkey Smart Agriculture announces asset swap for residential properties

Shenzhen Kingkey Smart Agriculture Times Co., Ltd. announced an asset swap, which was approved by the eleventh board of directors and the independent directors' special meeting on September 1, 2025. The company intends to swap commercial and office properties, originally agreed upon as demolition compensation, for residential properties in the Bao'an District Xinqiao Street 107 Development Zone, due to changes in project construction and progress.

The total value of the assets to be swapped out, consisting of commercial and office properties, is estimated at CNY 75.6m, according to a valuation report. The corresponding swapped-in residential properties will have a construction area of 15,915.79 square meters. The asset swap involves the exchange of 3,000 square meters of commercial property and 20,000 square meters of office property for 109,416 square meters of residential property and 6,500 square meters of commercial property, all delivered as shell and core.

This related transaction is between the company and Shenzhen Kingkey Hongda Industrial Co., Ltd., a wholly-owned subsidiary of Kingkey Real Estate, which is controlled by the company's controlling shareholder, Kingkey Group. The transaction follows principles of fairness and will not adversely affect the company's operating performance or financial condition, or the interests of its shareholders. The board of directors has approved the supplemental agreement, which now awaits shareholder approval at the second extraordinary general meeting in 2025.