Fuxing China sells subsidiary for $1.6m

The sale equity recorded a negative book value of $2.7m.

Fuxing China Group Limited has entered into an agreement with Liansheng (Jinjiang) New Materials Group (Liansheng) to sell the equity interest, held by its subsidiary Jade Star Group Holdings Limited, in Jinjiang Jianxin Weaving Co. for $1.6m (RMB8.8m).

According to a bourse filing, the sale equity recorded a negative book value of $2.7m (RMB14.6m) and was valued at $1.5m( RMB8.3m) as of 16 October.

Accordingly, the purchase consideration represents an excess of, or gain on disposal, of approximately $4.3m (RMB23.4m).

Liansheng, incorporated in China, provides new material promotion services and Internet of Things technology and application services.

($1=RMB5.4)

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