China Bright Finalizes Asset-Liability Restructuring

China Bright Culture Group (HK:1859) has released an update.

China Bright Culture Group has completed the termination of its previous contractual arrangements and transferred its operational business, excluding specific receivables and liabilities totaling around RMB430 million each, to a new operating entity as of August 14, 2024. The company retained certain assets and liabilities, including those related to ongoing litigation and allegations, deeming it beneficial after considering PRC legal restrictions and the lack of revenue generation from the retained assets in the past two years. The transaction terms have been considered fair and in the shareholders’ interests by the Board and independent directors.

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