Huajin International capital plans to sell financial printing business, and its future strategy will focus on property management

Zhitong financial app news, Huajin International Capital (00982) announced that on June 18, 2020, the company (the seller) and the buyer best deal Ventures Limited entered into a sale and purchase agreement. The Buyer intends to purchase all the issued share capital of the target company miracle View Group Ltd at a price of HK $12 million.

According to the announcement, the target company is an investment holding company and mainly provides financial printing services in Hong Kong, China through its operating subsidiary rising win and its subsidiaries. River win is a 60% directly owned subsidiary of the target company and the remaining 40% of the issued share capital of river win is owned by silver Melrose limited, which is wholly owned by Liu Weishu (a director of river win and the target company).

For the years ended December 31, 2017, 2018 and 2019, the target company's financial performance deteriorated and net loss was about HK $18 million, HK $3.6 million and HK $5.1 million respectively.

It is reported that as the financial printing business of the group has continued to make losses in the past few years, coupled with the uncertainty of the financial market, and the group has established a stable and profitable property management business, the directors believe that the sale can reduce the company's losses and allocate the group's resources from the poor financial printing business to other profitable and stable business divisions of the group. It is expected that the group will realize the unaudited proceeds from the sale of about HK $700000.