What's going on? This company has decided to terminate the listing and transfer of equity in its subsidiaries.

Nantong Textiles announced in the evening of December 14 that Nanjing Textiles Import & Export Co., Ltd. held the 13th meeting of the 10th Board of Directors on October 26, 2022, and reviewed and approved the "Proposal on the Transfer of 80% Equity Interest in Nanjing Gaoxin Jingwei Lighting Co., Ltd. through Public Listing", agreeing that its wholly-owned subsidiary, Nanjing Xinlv Investment Development Co., Ltd. (hereinafter referred to as "Xinlv Investment"), shall transfer its 80% equity interest in Nanjing Gaoxin Jingwei Lighting Co., Ltd. (hereinafter referred to as "Jingwei Lighting") through public listing.

The latest decision is as follows: Due to the complexity of this transaction plan, consensus could not be reached on certain clauses during communications with relevant departments, and continuing to proceed would face significant uncertainty. After careful consideration and approval by the 15th meeting of the 10th Board of Directors, the Company has decided to terminate the listing and transfer of 80% equity interest in Jingwei Lighting.

资料显示，经纬照明2005年成立，南纺股份全资子公司新旅投资持有经纬照明80%股权，公司控股股东下属子公司南京金旅资产管理有限公司持有经纬照明 20%股权。其经营范围为：光源产品、机电产品、电子显示器件、照明器械的研发、生产、销售、安装施工、维护及技术服务；服装研发、生产、销售；仓储、展览、会务、商务咨询、投资咨询服务；自营和代理各类商品和技术的进出口（但国家限定公司经营或禁止进出口商品和技术除外）。

It is reported that Jingwei Lighting's original core business was the production and sales of electromechanical products. Due to poor management, production ceased in 2013. Currently, its main valuable assets are real estate and land located in the Nanjing Jiangbei New Area, with rental income from these properties being the primary source of revenue.

Previously, the assessed value of the 80% equity interest in Jingwei Lighting held by Xinlv Investment, as filed with the state-owned assets authorities, was RMB 0. Upon review and approval by the 13th meeting of the 10th Board of Directors of the Company, Xinlv Investment intends to list the 80% equity interest in Jingwei Lighting for transfer on the Nanjing Public Resources Trading Center, with a listing reserve price of RMB 3,000. The objective is to revitalize existing assets, recover funds, further improve the Company’s asset structure, optimize resource allocation, and better support the Company’s focus on its core business, which aligns with the Company’s future development strategy.

It is reported that Nanfang Textile's business mainly involves two major sectors: commercial trade and tourism. From January to December 2021, the revenue composition of Nanfang Textile was as follows: import and export sales accounted for 43.33%, lighting sales accounted for 15.52%, domestic sales accounted for 14.67%, department store retail accounted for 11.09%, and tour services accounted for 10.64%.