QIAN XUN TECH (01640.HK): to sell Qian Xun HK for RMB200,000
NewTimeSpace News: On 7 October 2026, Qian Xun Technology Limited (stock code: 01640) published a circular in relation to the Disposal of Qian Xun HK. On 28 August 2026, the Company entered into the Disposal Agreement with Mr. Wu Dan, pursuant to which the Company conditionally agreed to sell, and the Purchaser conditionally agreed to purchase, the Sale Shares, representing the entire issued share capital of Qian Xun HK, at a cash consideration of RMB200,000. Upon Completion, Qian Xun HK and the Relevant PRC Subsidiaries will cease to be subsidiaries of the Company, and their financial results, assets and liabilities will cease to be consolidated into the consolidated financial statements of the Group.
According to the circular, the Disposal Group comprises Qian Xun HK and three Relevant PRC Subsidiaries, namely Qingdao Ruicheng Jiaye Advertising Co., Ltd., Beijing Ruicheng Advertising Co., Ltd.and Xizang Wanmei Advertising Co., Ltd.*. As one or more of the percentage ratios exceed 25% but all of them are below 75%, the Disposal constitutes a major transaction of the Company and is subject to the reporting, announcement, circular and shareholders' approval requirements under Chapter 14 of the Listing Rules. The Company will hold an extraordinary general meeting at 11:30 a.m. on 28 October 2026 at Room 25B02, 25th Floor, Far East Finance Centre, 16 Harcourt Road, Hong Kong.
According to the circular, the Disposal Group has ceased to carry on any business since 1 January 2025 and had unaudited consolidated net assets of approximately RMB200,000 as at 30 June 2026, and a slight loss of approximately RMB400,000 is expected to be recorded from the Disposal. The Board considers that the Disposal will enable the Group to streamline its group structure and enhance operational efficiency and will remove the administrative and other costs associated with the members of the Disposal Group; upon Completion, the Group will continue to provide advertising and related services through Ruicheng Zhixin, operate its pre-owned e-commerce business for electronic products and provide software-as-a-service through other members of the Remaining Group.
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