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First Shanghai Investments to sell financial leasing business

First Shanghai Investments Ltd. agreed to sell its 100% stake in Fu Hai Yun Tong Finance Leasing (Shanghai) Co. Ltd. to China Assets (Holdings) Ltd. for a total of US$1.5 million.

Fu Hai Yun Tong is primarily engaged in the financial leasing business in Shanghai.

First Shanghai agreed to sell its stake as the divestment will allow the group to focus on its core businesses and allocate more financial resources to the development of these businesses. It expects the net proceeds from the disposal to be used for general working capital of the group and for financing its medical and healthcare business.