Yu Diamond: Announcement on Transferring Equity of Holding Subsidiaries
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Abstract On July 6, Yu Diamond (300064) released the “Zhengzhou Huajing Diamond Co., Ltd. Announcement on Transferring the Equity of the Holding Subsidiary”. On July 3, 2017, Zhengzhou Huajing Diamond Co., Ltd. and Shanghai Yuguan Investment Management Partnership (with...
On July 6, Yu Diamond (300064) released the “Zhengzhou Huajing Diamond Co., Ltd. Announcement on Transferring the Equity of the Holding Subsidiary”. On July 3, 2017, Zhengzhou Huajing Diamond Co., Ltd. and Shanghai Yuguan Investment respectively The Management Partnership (Limited Partnership) (hereinafter referred to as “Shanghai Yuguan”) and Henan Hengxiang Diamond Abrasive Co., Ltd. (hereinafter referred to as “Hengxiang Abrasives”) signed the “Equity Transfer Agreement”. The company will hold a 48% stake in Henan Yuxing Huajing Microdrill Co., Ltd. (hereinafter referred to as “Yuxing Micro Drill”), a holding subsidiary of the company, for transfer to Shanghai Yuguan at a price of RMB 75,292,400; Hengxiang Abrasives At the time of the establishment of Star Micro-Diamond, the agreement on performance commitment in the "Joint Venture Agreement" will transfer the 16% equity of Yuxing Micro-Drill held by the company to the company free of charge. After the completion of the transaction, the company will hold the Yuxing micro-drill 19 % equity.

Equity structure before and after this equity transfer
The announcement shows that the transaction aims to adjust the company's strategic structure, optimize the company's business layout, and improve operational and management efficiency. This transaction will help improve the company's asset structure and improve asset liquidity and return. Upon completion of this equity transfer, the scope of the company's consolidated statements will change, and Yuxing Micro-Drill will no longer be included in the consolidated financial statements of the company.

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