HK Stock Market Move | MAGNUSCONCORDIA(01172) surged more than 70% and plans to sell Jin Jin Investment Limited for 4 million Hong Kong dollars to reduce the overall debt of the group.

MAGNUSCONCORDIA (01172) surged more than 70%, reaching 65.22% as of the time of publication, closing at 0.038 Hong Kong dollars, with a trading volume of 525,100 Hong Kong dollars. On the news front, MAGNUSCONCORDIA announced that on November 20, 2025, its wholly owned subsidiary Clever Star Development Limited intends to sell all issued shares of Jin Investment Limited and inter-company debt balances to Pioneer Investment Special Opportunities Fund I Limited Partnership for 4 million Hong Kong dollars. The main assets being sold by the group are properties, including a residential property development project, which is part of the Sino-Gangshen Forest Project located in the Salt Lake Bath Area of Gaowo Lake, High-Tech Industrial Development Zone, Zigong City, Sichuan Province, China. The total land area of this plot is approximately 493,842.96 square meters. The land use rights for this plot have been granted for 70 years since August 2013, for residential property use. Considering the challenging business environment, prospects, and negative financial situation of the real estate industry in China, the directors believe that it is a good opportunity for the group to reassess its investment in the selling entity and reallocate resources to other businesses within the group. Additionally, the group expects to realize an estimated profit of approximately 1.452 billion Hong Kong dollars (including reserve adjustments but excluding transaction costs), while significantly reducing the overall debt of the group, thereby strengthening the overall financial position of the remaining group and addressing the issues that cannot be expressed.