Kuangda Technology confirms control transfer to state-owned entity

Kuangda Technology Group (002516) announced on December 4, 2025, that its controlling shareholder and actual controller, Shen Jieliang, and Zhuzhou Qichuang No.1 Industrial Investment Partnership (Limited Partnership) have received a confirmation letter from the Shenzhen Stock Exchange (SZSE). This letter confirms the agreement for the transfer of 411,834,831 shares, representing 28% of the company's total share capital, from Shen Jieliang to Zhuzhou Qichuang. The total transaction value for these shares is CNY 2,219,789,739.09, at a price of CNY 5.39 per share.

The SZSE's confirmation allows the transfer parties to proceed with the one-time registration of the share transfer. Following this transfer, Shen Jieliang will no longer be the company's controlling shareholder or actual controller.

Zhuzhou Qichuang will become the new controlling shareholder, and the actual controller will shift to the Zhuzhou Municipal People's Government State-owned Assets Supervision and Administration Commission. This change in control has previously received approvals from the State Administration for Market Regulation and the Zhuzhou Municipal People's Government State-owned Assets Supervision and Administration Commission. The transaction now awaits the final share transfer registration with the China Securities Depository and Clearing Corporation Shenzhen Branch.