Xiangcai to absorb Great Wisdom, raise capital after shareholder approval

Harbin High-Tech Group's subsidiary, Xiangcai Co., Ltd., announced on October 14, 2025, the resolutions passed at its second extraordinary general meeting of shareholders on October 13, 2025. The meeting approved the share-for-share merger of Xiangcai with Shanghai Great Wisdom Co., Ltd., and a related private placement of supporting funds. The restructuring will result in Great Wisdom ceasing to be listed and its legal entity being cancelled, with Xiangcai inheriting all its assets, liabilities, and operations.

The transaction, which will also involve changes to Xiangcai's registered capital and business scope, received overwhelming shareholder support, with over 99% of votes in favor across most proposals. The independent financial advisor and legal counsel confirmed that the internal information disclosure procedures and share trading activities of insiders were compliant, posing no substantial legal obstacles to the transaction. Creditors of Xiangcai are invited to declare their claims within 45 days, as per the notice on the absorption merger and creditor notification.