CNFC Overseas Fisheries subsidiary to absorb grandchild

CNFC Overseas Fisheries (SZSE: 000798) announced its wholly-owned subsidiary, China Aquatic Products Zhoushan Marine Fishery Products Co., Ltd. ("Zhi Pin"), will absorb its wholly-owned grandchild, Zhejiang Mingzhu Marine Food Co., Ltd. ("Mingzhu"). This restructuring aims to optimize resource allocation, reduce management costs, and enhance operational efficiency. Upon completion, Zhi Pin will assume all assets, liabilities, and rights of Mingzhu. Mingzhu will be deregistered, while Zhi Pin will continue operations with no changes to its name or registered capital. The absorption, considered neither a related party transaction nor a major asset restructuring, doesn't require shareholder approval. As of September 30, 2024, Zhi Pin reported total assets of 747.26 million CNY and net assets of 70.05 million CNY, while Mingzhu reported total assets of 228.95 million CNY and net assets of 104.92 million CNY. These figures for September 30, 2024 are unaudited.