Shares of CHINA JINMAO Holdings Group Ltd. took a dive on Monday, plummeting 7.27% amid news that the company had disposed of its entire equity stake in a subsidiary based in Sanya through a public tender process.
According to a regulatory filing, CHINA JINMAO sold its 100% equity interest in Jin Mao Sanya for RMB58.461 million. The divestment of this subsidiary, which held real estate assets in the popular tourist destination of Sanya, is seen as a move by the company to streamline its operations and potentially raise cash.
However, the disposal of a major asset like Jin Mao Sanya appears to have spooked investors, leading to a significant sell-off in CHINA JINMAO's shares. The steep share price decline reflects concerns about the potential impact on the company's financial performance and future growth prospects.
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