Wanxiang Qianchao provides update on major asset restructuring

Wanxiang Qianchao announced that it is moving forward with its plan to acquire 100% of Wanxiang America Corporation through a combination of share issuance and cash payment. The company also intends to raise supporting funds through a private placement of shares to no more than 35 specific investors. Currently, due diligence, auditing, and valuation work are underway. The company will reconvene a board meeting to review the transaction and set a new pricing benchmark date for the share issuance, contingent on the progress of ongoing activities. The company is reminding investors to carefully assess risks associated with the transaction, as it is still subject to approvals from shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission. Further announcements will be made as the restructuring progresses.