FACS's subsidiary plans to transfer 20% equity of Shanghai Rijing for 104 million yuan
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According to the Zhitong Finance APP, FACS announced that in order to focus on its main business resources, activate assets, and improve profitability, its wholly-owned subsidiary Shanghai Yidian Automotive Electronics System Co., Ltd. (referred to as "Automotive Electronics") plans to transfer its 20% equity in the joint venture Shanghai Rijing Instrument Co., Ltd. (referred to as "Shanghai Rijing") through a public listing on the Shanghai United Assets and Equity Exchange, with an initial listing transfer price of 104 million yuan
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