Xiangcai Holdings updates on major asset restructuring progress

Xiangcai Holdings (SSE:600095) announced an update on its major asset restructuring, which involves the company absorbing Shanghai Dazhihui through a share swap. According to the announcement, both companies are still working through the required audit and due diligence processes. The resolution was passed in the 13th meeting of the 10th Board of Directors and the 6th meeting of the 10th Board of Supervisors. The company's board of directors will convene again to review the relevant proposals for this transaction and fulfill subsequent procedures and information disclosure obligations in accordance with relevant laws and regulations, after relevant work involving the transaction is completed. Xiangcai Holdings reminds investors that the deal is still subject to further approvals including those of both companies' boards of directors, shareholder meetings, and relevant regulatory bodies, and that uncertainties remain.