PAN ASIA ENVIRO (00556.HK): Disposes of 51% equity interest in Xilailu Brand Management; terminates proposed name change
NewTimeSpace News: On 11 September 2026, Pan Asia Environmental Protection Group Limited (stock code: 00556) announced on a voluntary basis the disposal of a 51% equity interest in the target company, Xilailu Brand Management (Guangzhou) Co., Ltd., together with a decision not to proceed with the proposed change of company name.
According to the announcement, as at 30 June 2026, the group had not obtained management control over the target company and had not participated in its daily operations and management, and the buyer subsequently disposed of its 51% equity interest in the target company. Accordingly, the financial results of the target company have not been and will not be consolidated into the group's financial statements, and its daily operations and management remained with its original management team until completion of the disposal. In particular, the buyer did not obtain the power to manage or control the target company's daily operations and business decisions; did not take over or take custody of its key corporate records, chops, licences and other important documents; did not obtain management or control rights over its bank accounts, fund receipts and payments, financial management and financial systems; and did not participate in or control its marketing, franchise recruitment and related business activities or obtain management or control rights over its operating systems and related daily business.
The announcement stated that the board considers the disposal of the 51% equity interest to have no material impact on the group's overall business operations. In addition, in respect of the previously announced proposed change of company name and proposed adoption of amended memorandum and articles of association, the board has resolved that the proposed change of company name will not proceed and that the extraordinary general meeting convened to approve it will not be held.
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