Leshi International Holdings (01529) said it will sell its remaining 70.87% stake in Jiansheng Logistics Investment for RMB 51 million, with an expected loss of about RMB 14.335 million, according to ETNet.
The company said Jiansheng Logistics Investment mainly provides transportation and warehousing services and posted a loss of RMB 7.06 million in the first seven months of the year. Leshi International said the sale will monetise its remaining investment, reduce exposure to Jiansheng Logistics Investment's future financial and operating risks, and streamline its business portfolio. Net proceeds will be used for general working capital.