City Development Environment completes subsidiary equity transfer to controlling shareholder

City Development Environment Co., Ltd. announced the completion of the transfer of its 100% equity in wholly-owned subsidiary Henan Wakeman Construction Engineering Co., Ltd. (Wakeman). The transaction, approved by the company's board and supervisory board, involved a public listing on the Henan Zhongyuan Property Rights Exchange.

The equity was transferred to Henan Investment Group Co., Ltd., the company's controlling shareholder, at a base price of RMB 11,505.95万元. This transaction was identified as a connected transaction due to Henan Investment Group's status as a related legal person. The company has received the full payment of RMB 11,505.95万元.

Wakeman has finalized the industrial and commercial change registration for this equity transfer. Consequently, City Development Environment no longer holds Wakeman's equity, and Wakeman will cease to be included in the company's consolidated financial statements.