Guanghetong: Planning cash acquisition of controlling interest in Hangsheng Electronics, transaction still uncertain.

Guanghetong announced that the company is planning to purchase the controlling stake of Hangsheng Electronics in cash. After the completion of the transaction, Hangsheng Electronics will become its controlling subsidiary, which is expected to constitute a major asset restructuring. As of May 22nd, the company is communicating with relevant parties on the transaction scheme, advancing audit, evaluation and due diligence work, and has not yet signed a formal agreement. The transaction needs to go through necessary decision-making and approval procedures, and it is uncertain whether it can be implemented and the progress. The company will disclose the progress in stages.