According to the announcement, the proceeds from the sale of the proceeds will be used for general corporate purposes and the Board considers that the disposal will optimize the Company's fixed assets and improve the Company's cash flow position.
The announcement also discloses that the main asset of the disposal company is a parcel of land and its previous office building, called Legend Research and Development Center in Wuhan, which is under construction and will be completed in 2018.
Upon completion of the transaction, the Company and its subsidiaries will cease to hold any equity interest in the Disposed Company and the expected revenue arising from the disposal is expected to be recorded.The Group will recognize that the actual gain arising from the Disposal will be audited and will be determined Disclosure of the Company's quarterly results announcement.