A wholly-owned subsidiary of Penney Test (300887.SZ) returns a land use right in Beijing

Zhitong Finance App News, Puni Testing (300887.SZ) announced that Puni Biomedicine (Beijing) Co., Ltd. (“Puni Pharmaceutical”), a wholly-owned subsidiary of the company, participated in the public concession of state-owned construction land use rights in Beijing in September 2023, competed for CP00-1201-0006 M1 industrial land with RMB 10,765.86.69 million, and obtained the “Beijing State-owned Construction Land Use Rights Listing and Sale Transaction Certificate”, and the Beijing Municipal Commission of Planning and Natural Resources signed the “Beijing State-owned Construction Land Use Rights Listing and Sale Transaction Certificate” “Contract”.

The refund of land use rights in Beijing is based on the company's current industrial development planning and adjustments. The refund was approved by the company's general manager's office meeting, and there is no need to submit it to the board of directors and shareholders' meeting for consideration. It was agreed to return the Beijing CP00-1201-0006 plot to the Beijing Municipal Commission of Planning and Natural Resources, and to return the company 10,587.8074 million yuan. A cancellation agreement was signed on this matter. This matter does not constitute a related transaction, nor does it constitute a major asset restructuring as stipulated in the “Administrative Measures on Major Asset Restructuring of Listed Companies”. In view of the company's current industrial development plan adjustments, the company's working capital situation is also taken into account. The completion of this withdrawal will help improve the company's operating cash flow.