Wanxiang Qianchao provides update on asset restructuring

Wanxiang Qianchao (SZSE: 000559) announced an update on its major asset restructuring, which involves the issuance of shares and cash to acquire 100% equity of Wanxiang America Corp. The company is also planning to raise supporting funds from no more than 35 designated investors. As of the announcement date, due diligence, auditing, and valuation work are ongoing. The deal, classified as a related-party transaction, is expected to constitute a major asset restructuring but will not trigger delisting. The company will continue to advance the transaction, re-convene a board meeting as appropriate, and adhere to information disclosure obligations. The transaction is subject to further approvals, including shareholder approval, Shenzhen Stock Exchange approval, and China Securities Regulatory Commission registration. Investors are cautioned about potential risks and uncertainties associated with the deal.