Luoyang Glass Co. Ltd. said it sold its stake in Sino-foreign joint venture Qingdao Taiyang, including receivables, to Luoyang“s 57.14% parent company China Luoyang Float Glass (Group) Co.
It said i…
Luoyang Glass Co. Ltd. said it sold its stake in Sino-foreign joint venture Qingdao Taiyang, including receivables, to Luoyang“s 57.14% parent company China Luoyang Float Glass (Group) Co. It said in a published statement that it sold its 55% stake in Qingdao Taiyang for 10,000 yuan. It also transferred the receivables due to Luoyang for 77.7 million yuan. The deal constituted a connected transaction under Hong Kong law. It said Qingdao Taiyang was losing money because of keen competition in the Chinese glass industry.