Jinyu Che Cheng (000803): To Sell 100% Stake In Jinyu Real Estate In Order To Focus On The New Main Business.

Jin Yu Cheng (000803.SZ) announced that the company's real estate business profitability is weak, and the company has no land reserve is not enough to support the sustained development of real estate business. The company began its business transformation after acquiring Jiangsu Zhi Lin Electric Technology Co., Ltd. in 2017, and was transformed into new energy related business by the end of 2018.

In order to focus on the new main business, the company intends to sell the 100% equity interest of Nanchong Jinyu Real Estate Development Co., Ltd. (Jinyu real estate) or "target company".

In November 3, 2019, through competitive consultations, the company decided to win the winning unit of Shanghai Rui Cong Cci Capital Ltd ("Rui Cong investment") in 3 companies invited to bid for the best terms, with a transaction value of 10 thousand yuan. A transaction agreement with effective conditions has been signed.

The net assets attributable to the parent company in the three quarter of 2019 were -2768.05 million yuan (combined caliber), accounting for the proportion of the consolidated assets of the listed companies in the audited 2018 to -32.04% of the parent company's net assets and the absolute amount not exceeding 50 million. The transaction does not constitute a major asset reorganization stipulated in the management measures of the major asset reorganization of listed companies, and does not require approval by the relevant departments.