According to the Zhitong Finance App, Xinfengtai Group (01771) announced that on October 14, 2026, the seller Xinfengtai Auto and Xinfengtai Technology Development (both indirect wholly-owned subsidiaries of the company) intend to sell all of the shares of Wuxi Xinfengtai Automobile Co., Ltd. to Shen Xuelong and Sun Qian at a total cost of RMB 20.3 million. In addition, the buyer also agreed to provide a loan to the target company to repay the target company's loan of RMB 14.94 million for Xinfengtai technology development. As of the date of this announcement, the target company owned the target property located on Xingchuang 4th Road, Wuxi City, Jiangsu Province.
The target property includes a plot of land located on Xingchuang 4th Road, Wuxi City, Jiangsu Province, China (covering an area of 6,176.1 square meters, for wholesale and retail use. The land use rights will expire in July 2053), and a street-front shop with a total floor area of 6,259 square meters built on it. As of the date of this announcement, the street-front shop of the target property has been leased to an independent third party for commercial use.
Based on the needs of the company's strategic development, the Group has decided to sell the target company to improve the Group's operating performance and further enhance the quality and efficiency of its business operations. The sale helps improve the Group's asset utilization rate, optimize its financial position and asset liquidity, and focus on developing its core business to achieve economic efficiency and sustainable development.