GOGOX Holdings announced on October 20 that the sale of its subsidiary, GGEx Holdings Limited, involves only a change in ownership. The board clarified that reports suggesting the company would exit the mainland Chinese market or terminate its operations there are inaccurate.
Following the completion of the transaction, the target group will continue to operate its existing business in mainland China under the new owner. This includes the online intra-city logistics platform currently branded as Kuaigou Dache. The company stated that services for users, clients, and logistics partners will remain unchanged.
The board noted that it is unaware of any intention by the buyer to terminate the target group's operations. After the deal closes, the parent group will no longer hold business interests in mainland China, as it shifts its focus to markets in Hong Kong and other overseas regions.
In a previous announcement on October 16, the company disclosed plans to sell its entire stake in the subsidiary for ¥1.00. Additionally, the firm proposed changing its Chinese name from Kuaigou Dache Holdings Limited to GOGO Technology, while continuing to operate internationally under the GOGOX brand.
