Chengdu Galaxy Magnets updates on asset acquisition progress

Chengdu Galaxy Magnets Co., Ltd. announced further progress on its proposed acquisition of 100% equity in Sichuan Jingdu Longtai Technology Co., Ltd. from 14 counterparties. The transaction involves issuing shares and making cash payments, along with raising supporting funds from up to 35 specific investors. The company initially disclosed the preliminary plan on September 27, 2025.

As of November 26, 2025, the audit and valuation work for the transaction is ongoing. The company and relevant parties are still in discussions regarding the transaction plan, indicating that uncertainty remains regarding its finalization. The company plans to reconvene its board of directors to review the transaction once these works are completed.

The transaction is not expected to constitute a connected transaction, a major asset restructuring, or a backdoor listing. The company will continue to disclose progress in accordance with regulatory requirements and urges investors to monitor subsequent announcements for potential risks.