Huaxing Capital Holdings (01911) plans to withdraw shares from Zixun

According to Zhitong Finance App News, Huaxing Capital Holdings (01911) announced that on August 30, 2024, Shanghai Huijia and Huaxing Finance (all wholly-owned subsidiaries of the company) signed withdrawal agreements with Xuntou, Wuxi Qunxing and Xu Changjun. Based on this, all contracting parties agreed to return the reference cost of investment in Express Investment and Huaxing Securities.

According to the withdrawal agreement, Xuninvest agreed to buy back 10% of Xuntou's shares from Shanghai Huijia at a total cost of RMB 202 million. Huaxing Finance agreed to buy 40.8163% of Wuxi Qunxing's shares from Xuntou at a cost of RMB 100 million. The withdrawal of Xuninvest and Huaxing Securities's withdrawal from the investment were mutual conditions.

After withdrawing from the investment, the group will no longer own any shares in Xuninvest, and Xuninvest will no longer have any direct or indirect interest in Huaxing Securities. After Huaxing Securities withdrew from the investment, Huaxing Securities will continue to be consolidated as a subsidiary of the company (direct and indirect equity increased from 63.83% to 65.25%), and Wuxi Qunxing listed the account as the company's co-controlling entity.

According to reports, Express Investment is mainly engaged in providing software products and operation and maintenance services to the core investment and trading systems of financial institutions in various industries (including securities, funds, banks, trusts and futures). Xuntou is one of the major suppliers of investment and trading system software products in China. Wuxi Qunxing's only significant asset is its 3.49% stake in Huaxing Securities.