Shanghai Phoenix Enterprise (600679.SH) plans to list for transfer 100% equity of its subsidiary Jinkai Investment and related creditor's rights.

Shanghai Phoenix Enterprise (600679.SH) announced that the company plans to transfer, through a public listing on the Shanghai United Assets and Equity Exchange, 100% equity of its wholly-owned subsidiary Shanghai Jinshan Development Investment Management Co., Ltd. ("Jinkai Investment"), as well as the relevant creditor's rights the company holds against Jinkai Investment's controlled subsidiaries Shanghai Heye Industrial Co., Ltd. and Shanghai Heyu Industrial Co., Ltd. The reserve price for this public listing transfer shall be no less than the appraised value of all shareholders' equity of Jinkai Investment, which is RMB 138 million as filed with the State-owned Assets Supervision and Administration Commission of Jinshan District, Shanghai. The final transaction price shall be subject to the delisting result of the United Assets and Equity Exchange, and the transferee has not yet been determined. The announcement stated that Jinkai Investment's main business includes investment management, property management, and warehousing, which has a relatively low degree of relevance to the company's core businesses of bicycle manufacturing and brand operations. The purpose is to divest non-core assets with low industrial relevance, optimize the company's resource allocation, improve the efficiency of capital and resource utilization, further focus on core businesses, and enhance the company's overall operating quality.