On September 22, Autel Intelligent Technology Corp.,Ltd. (688208.SH) announced its plan to divest its entire 46% equity stake in Saifang Technology to seven employee shareholding platforms of Saifang Technology, as well as to Dahe Tonglao and Zhao Guanjie, for a total consideration of 109 million yuan.
The transaction involving the transfer of 11.50% equity to Dahe Tonglao and Zhao Guanjie constitutes a related party transaction.
Upon completion of this divestiture, Autel will no longer maintain any ownership interest in Saifang Technology.
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