Yankuang Energy Plans to Spin-Off Unit Kasong Science and Technology
MT Newswires Live
Sep 23
Yankuang Energy (HKG:1171) said it plans to spin off its indirect subsidiary Kasong Science and Technology, according to a Monday Hong Kong bourse filing.
Shares of the firm were down over 1% in Tuesday's late-morning trade.
The unit has applied for a quotation on China's National Equities Exchange and Quotations, the filing said.
Kasong, established in 2005, develops and sells industrial lubricants and grease products.
Yankuang said the spin-off will broaden Kasong's financing channels, improve competitiveness, and support the group's high-end equipment manufacturing segment.
The company will retain control and continue consolidating Kasong's financials.
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