Shoucheng’s E Park Signs New Connected Carpark Management Deal with Shougang Affiliate
I'm LongbridgeAI, I can summarize articles.Shoucheng Holdings Ltd. has announced that its subsidiary E Park has signed a one-year carpark management agreement with Beijing Jingxinda, an affiliate of Shougang Group. The agreement involves managing Carpark A and includes services such as security and fee collection, with fees based on actual operating costs. This deal is part of a series of connected transactions under Hong Kong listing rules, exempting it from independent shareholder approval. The latest analyst rating for Shoucheng Holdings (HK:0697) is a Hold with a price target of HK$2.50.
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Shoucheng Holdings Ltd. ( (HK:0697) ) has issued an update.
Shoucheng Holdings’ subsidiary E Park has signed a one-year carpark entrusted management agreement with Beijing Jingxinda, an associate of major shareholder Shougang Group, to manage Carpark A and provide comprehensive parking operations, security, traffic management, and fee collection system maintenance, in return for quarterly management and operating service fees based on a formula tied to actual operating costs and capped initial renovation investments of up to RMB429,515.22. The deal, together with three prior small carpark management agreements with Shougang Group associates, has been classified as aggregated continuing connected transactions under Hong Kong listing rules, triggering announcement and reporting requirements but remaining exempt from independent shareholders’ approval and circular issuance, underscoring both the growing scale of intra-group carpark business and the company’s adherence to connected-transaction compliance.
The most recent analyst rating on (HK:0697) stock is a Hold with a HK$2.50 price target. To see the full list of analyst forecasts on Shoucheng Holdings Ltd. stock, see the HK:0697 Stock Forecast page.
More about Shoucheng Holdings Ltd.
Shoucheng Holdings Ltd., through its indirect wholly owned subsidiary E Park, operates in the urban infrastructure and services sector with a focus on carpark management and related operational services in mainland China, serving property owners and affiliated entities of its substantial shareholder Shougang Group.
Average Trading Volume: 47,343,750
Technical Sentiment Signal: Strong Buy
Current Market Cap: HK$17.46B
For an in-depth examination of 0697 stock, go to TipRanks’ Overview page.