Jiu Rong (HKG:2358) subsidiary, Jiu Rong New Energy Science and Technology, agreed to sell 5.2% of total issued share capital in Hangzhou East Software Park (NEEQ:832968) to SOYEA Technology's (SHE:000909) subsidiary, Hangzhou Yihe Network, for 36.5 million yuan, a Friday Hong Kong bourse filing said.

The target company is mainly engaged in the provision of construction, management, and operation of science and technology parks.

After the transaction, the company will cease to have any interest in the target company.

The proceeds from the disposal are planned to be used to settle trade payables owed by the company to the purchaser on a dollar-to-dollar basis.