Wafangdian Bearing added to US sanctions list

Wafangdian Bearing Co., Ltd. (SZSE:200706) has announced that it is aware of its recent addition to the Specially Designated Nationals and Blocked Persons List (SDN List) by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC). The company has engaged both domestic and international legal counsel to investigate the reasons for the designation and to assess the validity of the sanctions. Wafangdian Bearing states its primary business is the manufacture and sale of bearings and related components and that it has no branches or significant assets located in the United States. The company emphasizes its commitment to legal and compliant operations within all relevant jurisdictions. While the potential impact on future business is still being evaluated, Wafangdian Bearing assures it will actively communicate with all stakeholders and closely monitor developments, while taking all possible effective measures. The company urges investors to exercise caution.