According to Tianmai Technology's announcement, the company plans to issue shares and pay cash to purchase 497.674.41 million shares of Shanghai Fenneng and raise supporting capital. This transaction is expected to constitute a major asset restructuring and related transaction, not a restructuring and listing. Up to now, due diligence, audit, and evaluation work related to this transaction is still in progress. The intermediary agency has not issued an official report, the parties to the transaction have not signed a supplementary agreement on the final transaction consideration, and the company is not expected to issue a notice to hold a shareholders' meeting before November 6, 2026. The company will continue to push forward the transaction. After the relevant work is completed, the board of directors will reconvene for review, use the announcement date of the board resolution as the reference date for share pricing, and then issue a shareholders' meeting notice in accordance with the regulations. The deal is still subject to multiple approvals, and there is uncertainty.

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