Xinhua Winshare (HKG:0811) Sells 33.8% Hainan Chuangxiang


Xinhua Winshare Publishing and Media (HKG:0811) has proposed to sell 33.8% interest in Hainan Chuangxiang Cultural Development Co., Ltd. (Hainan Chuangxiang), a 55.22% controlling shareholder of Xinhua Winshare to Sichuan Xinhua Publishing Group Co., Ltd (Xinhua Publishing) for RMB3.38 million (HK$4.157 million). The proposed disposal is subject to the approval by the board of Xinhua Winshare and the consent from State-owned Assets Supervision and Administration Commission of Sichuan Provincial Government of the PRC (Sichuan SASAC) and the agreement in relation to the disposal can only be entered into thereafter.

Xinhua Winshare expects to realize a gain of RMB2.86 million (HK$3.38 million). The directors of Xinhua Winshare intend to apply the sales proceeds as the company's general working capital.

Hainan Chuangxiang is principally engaged in industrial investment, investments in tourism, media and entertainment businesses, trading and exhibitions, real estate development, hotel investment and management, etc.

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