Xiangdian Co., Ltd. announced that the board of directors of the company reviewed and passed a bill to transfer 60% of the shares of Hunan Xiangdian Strong Magnetic Technology Co., Ltd., a wholly-owned subsidiary of Changsha Xiangdian Electric, to the company free of charge, and that the company undertakes to fulfill the unpaid investment obligations of Changsha Xiangdian Electric. After the transfer is completed, the company will directly hold 60% of Strong Magnetic Technology's shares, and Changsha Xiangdian Electric will no longer hold the company's shares. This transfer is an integration of the company's internal resources. It does not involve personnel placement, transfer of debts and debts, does not change the scope of consolidated statements, does not have a significant impact on the company's financial and operating results, does not require submission to the shareholders' meeting for review, and does not constitute a related transaction or major asset restructuring.

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