HK Stock Market Move | CITIC FAMC (02799) rose more than 3%. The recent transfer of 60% of the shares of Huarong Financial Leasing to Citic Group has been completed.

CITIC FAMC (02799) rose over 3%, rising by 3.57% to HKD 0.58 as of the time of writing, with a trading volume of 16.6587 million Hong Kong dollars. On the news front, recently, CITIC FAMC announced that the transfer of 60% equity interest in Huarong Financial Leasing to CITIC Group has been completed. After the completion of the sale, CITIC FAMC holds and retains 2,502,779,316 shares of Huarong Financial Leasing, accounting for 19.92% of its total issued shares. Additionally, Huarong Financial Leasing has become a joint venture of CITIC FAMC and is no longer a subsidiary, with its financial performance no longer consolidated into the financial statements of the CITIC FAMC Group. It is understood that details of this transaction were disclosed six months ago. On May 28, 2024, CITIC FAMC announced that it had agreed to transfer 60% of its issued shares in Huarong Financial Leasing to CITIC Group at a total price of 11.998 billion yuan. This sale will provide a one-time boost to CITIC FAMC's parent company's core Tier 1 capital, achieving a capital injection effect of over 6.3 billion yuan.