MAYER HOLDINGS (01116) intends to sell urban renewal project planning and consulting business.

MAYER HOLDINGS (01116) announced that on March 5, 2025, its wholly-owned subsidiary, Elate Ample Limited, plans to sell all issued shares of Happy (Hong Kong) New City Group Limited to Ms. Yan Jianfeng for 1 RMB. It is reported that the target company is mainly engaged in investment holding business, and the target group is engaged in urban renewal project planning and consulting business in China. The main assets held by the target group are (i) equity in a joint venture company engaged in the redevelopment of Yueting Village; and (ii) various prepayments. Considering the target group's poor financial performance, limited asset value relative to the group as a whole, and legal litigation and recovery costs and management work related to the redevelopment of Yueting Village, the board of directors believes that selling the target company is beneficial to the group.