Zhilong Holdings (08493) plans to sell all shares of Dragon King Holdings

Zhitong Finance App News, Zhilong Holdings (08493) issued an announcement. On August 13, 2026 (after the trading period), the Company signed a memorandum of understanding with Mr. Yang Weijie (buyer). Based on this, the Company plans to sell to the buyer all shares (proposed transaction) of the Company's wholly-owned subsidiary Longhuang Holdings Co., Ltd. (target company).

The cost of the proposed transaction is HK$1, and the commercial terms of the proposed transaction will be further negotiated in good faith between the contracting parties and determined on the basis of a formal legally binding agreement (final agreement).

According to the MOU, the Company shall grant the buyer the exclusive right to discuss, negotiate and implement the final agreement within 60 days (or a longer period where the contracting party may separately agree in writing) (exclusive period) from the date of the MOU. During this period, the buyer has the right to conduct due diligence on the target company's legal, financial, commercial and compliance.

The target company is a limited company incorporated in the British Virgin Islands. As of the date of this announcement, the Company is the legal and beneficial owner of all issued share capital of the target company. The buyer was a businessman who had previously worked in the real estate industry in China.

The directors believe that the proposed transaction provides the Group with a strategic opportunity to divest the non-performing assets that have dragged down the company for a long time, thereby improving the Group's financial situation and investing more resources in developing a new restaurant business. The proposed transaction (if implemented) will enable the Group to be consistent with the Group's long-term business development strategy, enable the Group to steadily achieve sustainable business development, and enhance long-term shareholder value.