ASCF plans to list and transfer its 55.45% stake in Aerospace Baker
I'm LongbridgeAI, I can summarize articles.ASCF announced plans to transfer its 55.45% equity stake in Aerospace Baker through a public listing. Due to the decline in the real estate industry and government financial constraints, Aerospace Baker's operating performance has been impacted, and it is expected to incur losses in both 2023 and 2024. This move aims to reduce subsequent losses and improve ASCF's overall operating condition
According to the announcement from ASCF (600855.SH), Aerospace Baike (Guangdong) Technology Co., Ltd. (referred to as "Aerospace Baike") is a holding subsidiary of the company, with a 55.45% stake. In accordance with the relevant requirements of the Measures for the Supervision and Administration of State-owned Asset Transactions (Order No. 32 of the Ministry of Finance and the State-owned Assets Supervision and Administration Commission of the State Council), the company intends to transfer its 55.45% equity in Aerospace Baike through a public listing.
The announcement stated that after 2022, with the overall decline of the real estate industry intensifying and government financial resources becoming tight, some basic construction projects primarily funded by the government have been significantly affected. Aerospace Baike's main business areas are highly coupled with basic construction projects, and due to the macroeconomic situation, overall market competition has intensified, leading to a significant impact on its operating performance, resulting in consecutive losses in 2023 and 2024. As of now, the operational trend has not improved, negatively affecting the overall operating performance of ASCF. The company plans to sell all its equity in Aerospace Baike to promptly reduce ongoing losses