A subsidiary of Xingya Holdings (08293) plans to sell 99% of Shenzhen Gold Investment Circle Technology's shares for 95,000 yuan

According to Zhitong Finance App, Xingya Holdings (08293) announced that on August 1, 2026, the seller (Xingya Global Co., Ltd., a direct wholly-owned subsidiary of the company) plans to sell 99% of the target company (Shenzhen Investment Circle Technology Co., Ltd.) to the buyer (Zhongji Lingchuang (Shenzhen) Consulting Co., Ltd.) at a cost of RMB 95,000.

The target company is a limited company established in accordance with Chinese law on July 27, 2022, and the seller has 99% interest until completion. It is mainly engaged in providing human resources services and artificial intelligence solutions in China. Its one-stop artificial intelligence system effectively solves the problems of large-scale talent recruitment and management, and reduces the traditional labor costs of enterprises. The target company is known for its pragmatic style of conduct and fast delivery, and focuses on customizing innovative solutions to customer needs. Through close cooperation with the client team, its one-stop artificial intelligence system has improved the efficiency of human resources processes and project management.

The target company generated very little revenue in the past year and failed to achieve the expected business growth due to the intense competition in the human resources services and artificial intelligence solutions market in China. The target company recorded continuous net losses after tax of approximately RMB 601,000 and RMB 207,000 for the year ended 2024 and 31 December 2025, respectively. After carefully considering the relevant financial performance of the target company, the company decided to terminate the target company's operations in China by selling 99% of the target company's interests.

The Board believes that the sale will not have any significant adverse impact on the Group's overall financial position and operations. The sale will enable the Group to streamline business operations and reallocate existing resources to focus on developing its core business (i.e. providing manpower outsourcing, recruitment services, corporate development and training services in Singapore and Hong Kong, China).