Orient Wires & Cables forms new subsidiary, buys property

Ningbo Orient Wires & Cables Co., Ltd. will establish Zhejiang Deep-Sea Transmission Innovation Research and Development Co., Ltd., a wholly-owned subsidiary, with an investment of RMB 10 million. The new entity, located in Shengsi County, Zhoushan City, Zhejiang Province, aims to advance deep-sea key technologies and equipment research, testing, and demonstration. This move supports the company's long-term strategic plan and contributes to the construction of a marine-strong nation. The investment, funded by the company's own capital, was approved by the board.

Separately, independent directors pre-approved and provided an independent opinion on the company's proposed related-party transaction to purchase real estate. This acquisition is intended to provide housing for the company's talent, enhancing employee welfare and stability. The transaction price is based on an appraisal, ensuring fairness and protecting shareholder interests.

Both resolutions, the establishment of the subsidiary and the property purchase, were approved by the company's Seventh Board of Directors at its third meeting on December 19, 2025, with nine votes in favor, zero against, and zero abstentions. Related-party directors recused themselves from the property purchase vote.