FEIYANG GROUP (01901): Ningbo Zhenhang intends to acquire 60% equity of Zhejiang Feijia Da Aviation Services.

FEIYANG GROUP (01901) announcement on November 19, 2024, Feiyang International and Ningbo Zhenhang (including) entered into a termination agreement, Feiyang International conditionally agreed to sell, while Ningbo Zhenhang conditionally agreed to purchase 60% equity of the target company Zhejiang Feijia Da Aviation Services Co., Ltd. for RMB 22.68 million. As of the date of this announcement, the target company is owned 60% by Feiyang International and 40% by Ningbo Zhenhang. The business scope of Hainan Truly Travel includes providing travel consultation services, travel agency and related services, ticket agency services, air passenger ticket agency services, information technology consulting services, hotel management, business information consulting, marketing and sales planning, and wholesale of electronics and handicrafts. According to the original agreement, if the target group fails to meet the expected results continuously; incurs a net loss for two consecutive months; or fails to achieve guaranteed profits for three or more times in a year, this group has the right to unilaterally terminate the original agreement. Considering that the target group did not meet the expected financial performance, Feiyang International decided to enter into a termination agreement. Based on the above, the directors believe that the terms of the termination agreement were negotiated on a fair basis, are normal commercial terms, and the sale transaction is fair and reasonable, and is in the overall interest of the company and shareholders.