Jiangsu Guotai International Group to see controller change

Jiangsu Guotai International Group announced that its de facto controller, the Zhangjiagang Municipal People's Government, intends to gratuitously transfer its 100% equity in Jiangsu Guotai International Trade Co., Ltd. ("International Trade") to Zhangjiagang Industrial Development Group Co., Ltd. ("Industrial Development Group"). The Industrial Development Group is a state-owned sole proprietorship.

Following the transfer, International Trade will remain the company's controlling shareholder, but the de facto controller will change to the Zhangjiagang Municipal State-owned Assets Supervision and Administration Commission. This transfer is expected to meet the exemption criteria for a tender offer under China's "Measures for the Administration of the Acquisition of Listed Companies."

Industrial Development Group, established on July 17, 2023, is a limited liability company with a registered capital of CNY600,000.00 and is wholly owned by the Zhangjiagang Municipal State-owned Assets Supervision and Administration Commission. The transaction awaits the signing of a formal agreement and completion of the transfer.