According to the announcement of Xiangtan Electrification, the company held a board meeting on August 7 and agreed to transfer 100% of the shares of its wholly-owned subsidiary mechanical and electrical companies, at a total transfer price of 82.6584 million yuan. 70% of the Mechatronics company's shares and 30% of the shares were transferred to New Development Group and Electrochemical Group respectively, and 100% of the trading company's shares were transferred to New Development Group. This transaction constitutes a related transaction, does not constitute a major asset restructuring, and does not need to be submitted to the shareholders' meeting for consideration. The transaction is to divest non-main business assets and focus on the main business, and the proceeds will supplement working capital.

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