NEW TIMES CORP's subsidiary plans to sell 49% of the issued shares of Hongxin
NEW TIMES CORP announced that its wholly-owned subsidiary, Huangxin, will sell 49% of the issued shares of Hongxin and the corresponding shareholder loans, with a total transaction price of approximately HKD 13.295 million. After the transaction is completed, Huangxin will hold 51% of the shares of Hongxin, while Send will hold 49%. The board believes that this transaction will help improve the group's liquidity position
According to the announcement from NEW TIMES CORP (00166), on July 24, 2025 (after trading hours), the company's indirect wholly-owned subsidiary Absolute Champ, Samore, and the guarantor entered into the agreement, under which Absolute Champ conditionally agreed to sell, and Samore conditionally agreed to acquire the shares being sold (equivalent to 49% of the issued shares of ACPMR) and the loans (equivalent to 49% of the shareholder loans), for a total consideration of approximately HKD 13.295 million. Upon completion of the transaction, ACPMR will be held 51% by Absolute Champ and 49% by Samore, becoming the company's indirect non-wholly-owned subsidiary.
In light of the current economic situation in Hong Kong and the group's current financial, debt, and liquidity status, the board believes that the transaction will allow the group to partially cash out its investment in ACPMR and improve the group's liquidity
