Zhongnan Co., Ltd. (000717.SZ) plans to sell the return funds for the ongoing construction of the Longtouzhai Wharf construction project

Zhitong Finance App News, Zhongnan Co., Ltd. (000717.SZ) announced that the company plans to transfer the ongoing construction of the Longtouzhai Wharf construction project to Shaoguan Zhongnan Port & Shipping Co., Ltd. (“Zhongnan Steel”), a holding subsidiary of the controlling shareholder Baowu Group Zhongnan Steel Co., Ltd. (“Zhongnan Steel”). The company plans to sign the “Transfer Contract for the Project Under Construction of the Longtouzhai Wharf Construction Project” with Zhongnan Port and Shipping. The transaction price is RMB 535.441 million (excluding VAT). By transferring the ongoing construction of the Longtouzhai Wharf construction project, it is possible to obtain asset premiums, recover cash flow, reduce the company's investment expenses, and increase efficiency for the company.