XUANWU CLOUD's controlling shareholder proposes to sell shares, with some original directors and shareholders exiting

XUANWU CLOUD (02392.HK) announced that the controlling shareholder proposed to sell shares for a total consideration of approximately HKD 65.199 million, equivalent to 20% of the company's total issued share capital. The prerequisites for the transaction include the termination of the concerted action agreement by existing directors and shareholders Chen Yonghui, Huang Fangjie, and Li Hairong, who will no longer be the controlling shareholders, and Chen Yonghui will resign from his positions as general partners of Guangzhou Xuan Nan, Guangzhou Xuan Xi, and Guangzhou Xuan Bei. Following the completion of the transaction, the buyer will become the single largest shareholder group of the company, controlling approximately 21.78% of the voting rights.

Li Hairong is a co-founder of the group and currently serves as the company's Senior Vice President. After the transaction is completed, Li Hairong will continue to serve as an executive director and is expected to take on higher responsibilities for the overall management of the company. The company stated that the change reflects the board's decision to grant greater management authority following the proposed change of control to ensure operational stability and continuity