Wanxiang Qianchao provides update on major asset restructuring

Wanxiang Qianchao Co., Ltd. announced that it is progressing with its major asset restructuring, which involves acquiring 100% equity of Wanxiang America Corp. from Wanxiang America Corporation through a combination of share issuance and cash payment, and raising supporting funds through the issuance of shares to no more than 35 specific investors. The company emphasized that the transaction constitutes a related party transaction and is expected to constitute a major asset restructuring, without resulting in a delisting. As of the announcement date, due diligence, auditing, and valuation work are underway, and the transaction plan is under further negotiation. The company will continue to fulfill its information disclosure obligations and cautioned investors about investment risks. The plan is still subject to shareholder approval, regulatory reviews, and registration with the China Securities Regulatory Commission.