Huitongda Network (HKG:9878) agreed to sell a 26.7143% equity stake in Huitone Datatech Smart Technology to Nanjing Huidefu Enterprise Management Consulting Partnership for nearly 25.4 million yuan, a Wednesday Hong Kong bourse filing said.
Following completion, the company will hold 51% equity interest in Huitone Datatech Smart Technology, and the latter will remain a unit of the firm.
The logistics company will use proceeds from the sale as general working capital.
The target is a technology service provider that helps family-run businesses in lower-tier markets, small and medium-sized brand-name owners, retailers, and distributors by leveraging cloud services and artificial intelligence.
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