Gem Co.,Ltd. (002340.SZ) Subsidiary Plans to Sell 100% Stake in Green Cycle Materials to Focus on Critical Metal Recycling

Stock News11-03

Gem Co.,Ltd. (002340.SZ) announced that its subsidiary, Jiangxi Green Cycle Industry Co., Ltd. ("Green Cycle"), has signed an acquisition agreement with Henan Cycle Technology Industry Group Co., Ltd. ("Henan Cycle Group") for the sale of its wholly-owned subsidiary, Jiangxi Green Cycle Materials Co., Ltd. ("Green Cycle Materials"), which specializes in e-waste recycling and plastic regeneration. The total transaction involves a 100% equity transfer worth RMB 280 million and a debt transfer of RMB 682 million.

Following the completion of the deal, Gem Co.,Ltd. will no longer hold any stake in Green Cycle Materials. The company will shift its focus to developing critical metal resource recycling operations, addressing unresolved challenges in the resource regeneration industry, and enhancing its technological edge in this sector. Proceeds from the transaction will be allocated to the company's daily operations.

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