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GAC Group: Subsidiary Youpai Energy plans to sell a 12% stake in Kunlun Blue Diamond
GAC Group announced that its subsidiary, Youpai Energy Technology (Guangzhou) Co., Ltd., plans to transfer its 12% stake in Xinjiang Kunlun Blue Diamond Mining Development Co., Ltd. to the controlling shareholder, Guangzhou Automobile Group Co., Ltd., at an assessed valuation. The transfer price for the equity is approximately 1.92 billion RMB. After this equity transfer is completed, the company will still indirectly hold an 8% stake in the target company through its wholly owned subsidiary, Youpai Energy. This transaction constitutes an associated transaction and does not constitute a major asset restructuring.