SMM: on April 25, Yunnan Luo Ping Zinc Power Co., Ltd. announced the sale of a 32.11 per cent stake in Hongsheng Chituan, a shareholding company.
On April 25, 2018, at the twenty-fifth meeting of its sixth board of directors, the company deliberated and passed the "bill on the sale of a 32.11 percent stake in Hongshengyuan, a participating company." The company agreed to sell Hongsheng's 32.11 per cent stake to Deng Linling for 700000 yuan, while the other two shareholders waived their preemption rights. The independent director expressed his consent to the independent opinion in this regard.
According to the relevant provisions of the "Shenzhen Stock Exchange Stock listing rules", this transaction does not need to be submitted to the shareholders' general meeting for consideration within the jurisdiction of the board of directors, and the board of directors authorizes the management to go through the relevant formalities for the transfer of shares. This equity transfer does not constitute a related transaction, nor does it constitute a major asset reorganization stipulated in the measures for the Management of Major assets reorganization of listed companies, nor does it require the approval of the relevant departments.
The following is the original text of the announcement:
