CCOOP Group settles debt through share transfer

CCOOP Group has announced progress on an equity transfer where Redflag CCOOP Supermarket Chain Co., Ltd. will transfer shares to CCOOP Commercial Chain Group Co., Ltd. to settle debts. As of December 31, 2022, Redflag CCOOP owed CCOOP Commercial Chain Group RMB 74,490,564.94. To partially offset this, Redflag CCOOP will transfer 10,090,758 shares of CCOOP Group at RMB 2.32 per share.

This transaction will increase CCOOP Commercial Chain Group’s stake in CCOOP Group from 2.63% (475,530,738 shares) to 2.69% (485,621,496 shares). Conversely, Redflag CCOOP’s ownership will decrease from 0.06% (11,539,677 shares) to 0.008% (1,448,919 shares). The transfer will not change the company’s controlling shareholder or actual controller.

The share transfer is subject to internal approvals from the transacting parties and compliance review by the Shenzhen Stock Exchange, with registration expected at China Securities Depository and Clearing Corporation Limited Shenzhen Branch. The company will provide updates.