Weichai Power halts subsidiary's spin-off to GEM

Weichai Power (SZSE:000338) announced the temporary termination of its proposed spin-off and GEM listing of its subsidiary, Weichai Torch Technology. The decision, approved by the board on March 17, 2025, comes after considering current market conditions and strategic business planning. Weichai had previously obtained shareholder authorization in May 2021 for the spin-off, but the authorization period has lapsed. The company emphasized that the termination will not have a material adverse effect on its operations or financial standing. While the GEM listing is paused, Weichai Power stated it will actively pursue alternative capital operation strategies based on market conditions and future business plans. The matter is subject to shareholder approval.