Wanxiang Qianchao updates on acquisition of Wanxiang America Corp

Wanxiang Qianchao Co., Ltd. has provided an update on its ongoing major asset restructuring. The company announced its intention to acquire 100% equity in Wanxiang America Corp through a combination of share issuance and cash payment. Additionally, Wanxiang Qianchao plans to raise supporting funds by issuing shares to no more than 35 specific investors.

The company initially disclosed the pre-plan for these transactions on May 6, 2024. As of this announcement, due diligence, auditing, and appraisal work for the transaction are actively progressing. The transaction parties are still negotiating specific terms, and formal transaction documents have not yet been signed.

The restructuring remains subject to various approvals, including a re-convened board meeting, a general meeting of shareholders, review by the Shenzhen Stock Exchange, and registration approval from the China Securities Regulatory Commission. The timeline and ultimate success of obtaining these approvals are uncertain, and investors are urged to be aware of the associated risks.