Pinuo: Wholly-owned subsidiary reduces capital by 1.73 billion yuan and still holds 100% stake.

Piano Corporation announced that at the 18th meeting of the fourth board of directors on March 25, the company agreed to reduce the capital of its wholly-owned subsidiary Tianjin Piano by 173 million yuan. The registered capital was reduced from 175 million yuan to 1.5 million yuan, and the company still holds 100% equity of the subsidiary. The reduction of capital will not cause any change in the scope of consolidated financial statements. The reduction of capital was due to the fact that the production line of the Tianjin subsidiary has been shut down and business orders have been transferred. This matter does not require approval from a shareholders' meeting, and does not involve related party transactions or major asset restructuring. It is necessary to complete the procedures for business changes at the industry and commerce bureau.