Tiangong International Co. Ltd. (HK:0826) has released an update.
Tiangong International Co. Ltd. is involved in a significant equity buy-back transaction concerning its subsidiary TG Tools. The buy-back agreements involve several investors, including Qichen, Qilu, and Sinopec Capital, who have agreed to sell their stakes back to TG New Materials after TG Tools failed to achieve a qualified listing by the end of 2023. These transactions, falling under discloseable transactions per Hong Kong’s Listing Rules, highlight the company’s strategic maneuvers to consolidate its position.
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