bombjack| Titan Energy Technology (02188.HK) sells all equity interests in Zhuhai Liplatinum

Gronghui May 16 丨 Titan Energy Technology (02188bombjack.HK) AnnouncementbombjackOn May 16, 2024, Titan Technology (as the seller) entered into an equity transfer agreement with the buyer and auction agent, pursuant to which Titan Technology conditionally agreed to sell, and the buyer Chen Wenjia conditionally agreed to purchase the entire equity interest of Zhuhai Libo. The consideration is RMB 30.1 million.

After the completion of the disposal, the company will no longer hold any interest in Zhuhai Libo, and Zhuhai Libo will no longer be an indirect wholly-owned subsidiary of the company. Therefore, Zhuhai Liplatinum's financial results will cease to be recognized in the group's accounts.

Zhuhai Libo is the holding company that holds these properties. Since (i) the Group's Titan Group production and office base in Tangjiawan Town, High-tech Zone, Zhuhai City has been completed; and (ii) the Group has established a new production base in Caofeidian Industrial Zone, Tangshan City, Hebei Province in 2023, the board of directors believes that the sale will help improve the overall management efficiency of the Group's business and optimize the Group's resource allocation. The net proceeds after the completion of the disposal are expected to increase the company's cash flow, allowing the company to more flexibly identify and participate in other investments once suitable business opportunities arise.