Mokingran Sells 51 % Stake in Shenzhen E-Commerce for RMB19.73 Million, Booking Estimated Gain of RMB17.12 Million

Bulletin Express03-25

Mokingran Jewellery Group Co., Ltd. (Mokingran) announced that its wholly owned subsidiary, Shandong Mokingran E-commerce, signed an equity transfer agreement on 25 March 2026 to sell 51 % of Shenzhen Mokingran E-commerce to Shenzhen Jinqianhui Investment Consulting Management Partnership for RMB19.73 million. After completion, Shenzhen Mokingran E-commerce will no longer be consolidated into the Group.

The consideration was set with 31 January 2026 as the valuation reference date. Prior to the transfer, Shenzhen Mokingran E-commerce will distribute dividends to existing shareholders, of which Shandong Mokingran E-commerce will receive RMB47.13 million. The cash consideration will be settled in a lump sum within five business days after all corporate approvals and registration changes are completed.

Shenzhen Mokingran E-commerce, established in August 2018, focuses on jewellery wholesale and retail and owns 100 % of Lhasa Jinqianhui Technology and Hangzhou Mokingran Media. Unaudited figures as of 31 January 2026 show total assets of RMB146.17 million, total liabilities of RMB65.75 million and net assets of RMB80.42 million. Audited financials indicate profit after tax of RMB23.22 million in 2024 and RMB30.03 million in 2025 on revenue of RMB1,992.25 million, reflecting a 1.00 % year-on-year revenue decline and a gross margin of 5.61 % in 2025.

Mokingran expects to record an approximate RMB17.12 million disposal gain, calculated as the difference between the consideration and the RMB2.61 million original investment cost. Proceeds will be used as general working capital.

Management stated that divesting the majority stake aligns with the company’s brand-upgrade strategy, allowing Shenzhen Mokingran E-commerce to operate as an online authorised distributor of conventional products while Mokingran focuses on direct-sale e-commerce for high-precision, high-value-added offerings, creating a “direct-sale + franchise” dual-drive model.

Under Hong Kong Listing Rules, the highest applicable percentage ratio for the deal is above 5 % but below 25 %, classifying the disposal as a discloseable transaction requiring announcement but not shareholder approval.

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