China Yongda Automobiles Services Holdings Limited (SEHK:3669) declared for local subsidiary to ink binding framework agreement with a Shenzhen listed company for transferring assets in exchange for equities in the A-share listed company. Both sides will not talk with other parties for spin-off before March 31, 2016 or other dates agreed. Upon completion, the A-share listed company will become indirectly not wholly owned subsidiary.