Changshan Beiming completes major asset replacement and debt restructuring

Shijiazhuang Changshan Beiming Technology Co., Ltd. (Changshan Beiming) announced the completion of its asset replacement and connected transaction as of November 10, 2025. The company exchanged 100% equity in its wholly-owned subsidiary, Shijiazhuang Changshan Hengxin Textile Co., Ltd., for 100% equity in Shijiazhuang Energy Investment Development Co., Ltd., and 80% equity in Shijiazhuang Smart Industry Co., Ltd., held by Changshan Group subsidiaries. The difference in asset values was settled in cash.

To facilitate the transaction, Changshan Beiming and Changshan Group adjusted the payment methods for the asset replacement difference and interest. The total difference and estimated interest, approximately 1.54bn yuan, were partially offset by Changshan Group acquiring Changshan Beiming's creditor's rights against Hebei Ruiteng New Energy Automobile Co., Ltd. for 513.9m yuan. The remaining balance of approximately 1.02bn yuan was settled by Changshan Group.

Furthermore, Changshan Hengxin’s non-operating debt of 365.6m yuan, along with non-operating debts of 80m yuan and 20m yuan from Smart Industry and Energy Investment respectively to Changshan Group and its affiliates, were all discharged through Changshan Group's cash creditor's rights against Changshan Beiming. All related equity transfers and debt settlements have been finalized.