Zhitong Financial News, Arta Science and Technology Finance (00279) announced that on December 21, 2023, the company (as the seller) intends to provide all the issued shares of the target company (People's Excellence Wealth Management***) to the buyer GSC Limited**, and the total consideration payable by the buyer to the company at the completion of the company will be HK$82530,000 yuan.
As at the date of this announcement, the target company is currently a licensed insurance intermediary (insurance broker company) with the Insurance Authority to carry on regulated long term business (including linked long term business) under the Insurance Ordinance and is principally engaged in the provision of insurance brokerage services, financial planning and related services.
Although revenue from the Company's insurance brokerage business is expected to improve with the gradual resumption of business activities between Hong Kong and Chinese mainland following the reopening of the border between Hong Kong and China in early 2023, the Directors consider that ** is the Group's approval to engage in general and long-term business (including connected long-term business) in view of the Target's continued loss-making position and the fact that the Target Company is only permitted to engage in long-term business (including connected long-term business)) An opportunity to streamline and focus on its existing insurance brokerage business and to reallocate the Group's resources to Arta Asset Management.