Yicheng New Energy completes subsidiary merger

Henan Yicheng New Energy (SZSE:300080) announced the completion of the absorption merger between its wholly-owned subsidiaries, Henan Yicheng Hanbo Energy Technology Co., Ltd. (Yicheng Hanbo) and Henan Zhongping Hanbo New Energy Co., Ltd. (Zhongping Hanbo). Yicheng Hanbo absorbed Zhongping Hanbo, with the latter's assets, liabilities, and equity transferred to the former. Zhongping Hanbo's legal entity status has been deregistered. The merger, approved by the board on August 14, 2024, aims to streamline management, improve operational efficiency, and reduce administrative costs. The company stated the merger will not impact its current profits or loss, nor its normal operations, as both subsidiaries were already consolidated into the company's financial statements.