GOGOX (02246): Proposed disposal of the entire equity interest in GGEx Holdings Limited; proposed change of Chinese name to "GOGO Technology"

GOGOX (02246) announces that on 16 October 2026, the Company proposed to sell all the issued share capital of the target company GGEx Holdings Limited to the buyer Crestpoint Investment Limited at a consideration of RMB1.00. Upon completion, the Company will no longer hold any issued share capital of the target company, and the target company will cease to be a subsidiary of the Company. Accordingly, the financial results of the target group will no longer be consolidated into the consolidated financial statements of the Group. The target company is an investment holding company incorporated in the British Virgin Islands and was wholly owned by the Company on the date of the sale and purchase agreement. Apart from directly holding 100% equity interest in China GOGOX Group Limited, which in turn holds 100% equity interest in each of Shanghai WFOE, Tianjin WFOE 1, Hainan WFOE and Tianjin WFOE 2, it has no other business operations. Shanghai WFOE, Tianjin WFOE 1 and Tianjin WFOE 2 are all dormant companies, while Hainan WFOE is principally engaged in technical service, development and consulting activities. Hainan WFOE controls 100% equity interest in each of Tianjin 58 Freight, Zhenjiang 58 Supply Chain, Hainan 58 Supply Chain, Hainan 58 Freight, Tianjin Kuaigou Freight, Kuaigou Tianjin and Anhui Supaid through a series of contractual arrangements. Tianjin 58 Freight, Zhenjiang 58 Supply Chain, Hainan 58 Supply Chain, Hainan 58 Freight and Tianjin Kuaigou Freight are each principally engaged in the provision of logistics and delivery solution services, while Kuaigou Tianjin and Anhui Supaid are each principally engaged in the provision of technical service, development and consulting activities. In addition, Hainan WFOE and Chery Wanda Guizhou Bus Co., Ltd. control 40% and 60% equity interest in Wuhu Kaixin respectively. The Board has conducted a continuous review of the Group's business portfolio, aiming to enhance long-term operating efficiency and strengthen the Group's strategic focus. In light of the Group's latest development priorities and the evolving market environment, the Board considers it appropriate to streamline the Group's structure and concentrate resources on markets and business lines that are more aligned with the Group's forward-looking strategy. As part of this review, the Board notes that the PRC market, in which the target group principally operates, is no longer a core geographic focus of the Group from a strategic planning perspective. Although the target group maintains its operating capability, its business scope and geographic coverage do not fully align with the Group's current priorities. The Board therefore believes that the Disposal will enable the Group to streamline its market presence and reallocate management attention and resources to areas that are more strategically relevant to the Group's future development. The Disposal also enables the target group to operate under a new shareholder that may be better able to devote targeted resources and flexibility to its business, which the Board considers beneficial to the target group's future growth. At the same time, the reduction in administrative burden and structural complexity is expected to enhance the Group's flexibility and operational focus. The Board proposes to change the Company's Chinese name from "GOGOX" to "GOGO ". The Company's English name will remain unchanged. The proposed change of company name is subject to, among other things, completion. The Company is an exempted company incorporated in the Cayman Islands. The Group operates an online on-demand logistics platform in Asia through its subsidiaries. The Board notes that the Company was first listed on the Main Board of the Stock Exchange on 24 June 2022 under the English name "GOGOX Holdings Limited" and the Chinese dual foreign name "GOGOX". The Chinese name reflects "GOGOX (Kuaigou Dache)", under which brand the Group operated its business in the PRC. As set out in this announcement, the Company has entered into the sale and purchase agreement to dispose of the target group, through which the Group operated its business in the PRC. Upon completion, the Group will no longer operate any business in the PRC under the "GOGOX" brand. The Group's business will become focused on Hong Kong, China and its other overseas markets, where it operates under the "GOGOX" brand. Accordingly, the Board considers that the existing Chinese name no longer reflects the Group's business and future strategic direction, and that retaining such name may cause confusion among shareholders, potential investors and the public regarding the Group's business. The Board believes that the proposed new Chinese dual foreign name "GOGO" will better reflect the Group's business upon completion, give the Company a clearer corporate identity, and align its corporate identity with the "GOGOX" brand used in its markets. In addition, the proposed change will not affect any rights of shareholders or the Group's daily business operations or financial position. The Board believes that the proposed change of company name is in the overall best interests of the Company and its shareholders.