CITIC Group Corporation agreed to acquire 60% stake in China Huarong Financial Leasing Co., Ltd. from China CITIC Financial Asset Management Co., Ltd. (SEHK:2799) for CNY12 billion on May 28, 2024. Post completion China CITIC Financial Asset Management Co., Ltd. (SEHK:2799) will retain around 19% stake in China Huarong Financial Leasing Co., Ltd. The transaction is conditional upon the Disposal has been approved by the MOF; the shareholders? meeting of Financial Leasing Company considered and approved the change of equity and the corresponding amendments to its articles of association; and the NFRA has approved the change in Financial Leasing Company?s equity in relation to the Disposal.

An Independent Board Committee has been established in accordance with Chapter 14A of the Listing Rules to advise the Independent Shareholders in relation to the Share Transfer Agreement and the transactions contemplated thereunder. Upon the Completion Date, the proceeds from the Disposal will be used to replenish the China CITIC Financial Asset Management Co., Ltd. (SEHK:2799) capital and general working capital. Zero2IPO Capital has been appointed by China CITIC Financial Asset Management Co., Ltd. (SEHK:2799) as the Independent Financial Adviser.