Based on a valuation report by Quanzhou Decheng Asset Appraisal Office (General Partnership), the sale equity recorded a negative book value amounting to approximately RMB14.6 million and was valued at approximately RMB8.3 million as at Oct 16.
Fuxing China has entered into a conditional share purchase agreement with Liansheng (Jinjiang) New Materials Group (Liansheng) for the disposal of its 100% stake in its wholly-owned subsidiary, Jinjiang Jianxin Weaving Co..
Jinjiang Jianxin Weaving Co., which is held by Jade Star, has a sale consideration of RMB8.8 million ($1.6 million).
