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Wangsu Science & Technology to Increase Budget for Transactions with Related Party

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Wangsu Science & Technology (SHE:300017) increased the budget for related-party transactions with Singaporean company Cloudsway to 360.3 million yuan from 250.6 million yuan, according to a Wednesday after-hours filing with the Shenzhen Stock Exchange.

The transactions are related to the sale of Wangsu subsidiary Hong Kong Wangsu of its 100% stake in Hong Kong Shenjia Technology to Cloudsway subsidiary Hong Kong Cloudsway, the filing said.

As some overseas procurement contracts have not yet been finalized, Wangsu will temporarily purchase resources through Hong Kong Shenjia after the sale, the filing said.

Cloudsway actual controller, Liu Chengyan, holds more than 5% of the shares in Wangsu.

Shares rose 2% during afternoon trading on Wednesday.

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