Shanghai Xuerong plans control shift, share issuance to investor

Shanghai Xuerong Bio-Technology is planning a shift in control to Shanghai Wanzi Qianhong Intelligent Technology, pending shareholder and regulatory approvals. Wanzi Qianhong intends to acquire shares and increase its stake through a targeted share issuance priced at RMB 3.00 per share. This move would solidify Wanzi Qianhong's position as the controlling shareholder. As part of the agreement, existing shareholder Yang Yongping is set to transfer shares and entrust voting rights to Wanzi Qianhong, potentially shifting the company's leadership. There will be 149,645,903 new shares at most for this particular issuance which must go through shareholder approvals and clearance from stock exchanges and regulatory bodies. The funds will be used for operating capital. These transactions have not yet been finalized, the Company reminded investors. The company expects to resume trading of its shares on March 13, 2025.