Hangzhou Chang Chuan to acquire subsidiary, streamline governance

Hangzhou Chang Chuan Technology plans to acquire 33.3333% of Hangzhou Changchuan Intelligent Manufacturing Co., Ltd. from National Integrated Circuit Industry Investment Fund II Co., Ltd. through a public delisting. The transaction has a floor price of CNY 46,287 million and will increase its stake in Changchuan Manufacturing to 100%, making it a wholly-owned subsidiary. This related-party transaction awaits shareholder approval at a meeting on December 31, 2025.

In conjunction, Hangzhou Chang Chuan Technology will amend its articles of association and governance policies, including dissolving its supervisory board and transferring its functions to the board's audit committee. These changes aim to streamline operations, enhance governance, and simplify the shareholding structure of its controlled subsidiary.

Additionally, Hangzhou Chang Chuan Technology plans to adjust its 2025 private placement of A-shares, modifying the proposed issuance size and the allocated use of raised capital, alongside updates to its shareholder return plan. These adjustments reflect an effort to optimize capital structure and operational efficiency.