Shengyang Co., Ltd.: Progress Announcement on the Acquisition of 51% Equity of Shenzhen Daren High-Tech Electronics Co., Ltd.

Securities Daily News reported that on March 9, Shengyang Co., Ltd. announced that at the 19th meeting of the sixth board of directors held on December 31, 2025, the company approved the proposal to acquire a 51% stake in Shenzhen Daren High-Tech Electronics Co., Ltd. The company agreed to purchase the 51% equity held by Jiang Zhongwei, Wang Rong, Hao Xianzhu, and Xiong Jing with its own funds of 74.470761 million yuan. After the completion of this transaction, Daren High-Tech will become a controlling subsidiary of the company and will be included in the company’s consolidated financial statements. On February 25, 2026, the company disclosed the “Progress Announcement on the Acquisition of 51% Equity of Shenzhen Daren High-Tech Electronics Co., Ltd.” (Announcement No.: 2026-005), stating that Daren High-Tech has completed the industrial and commercial change registration for this acquisition and obtained a business license issued by the Shenzhen Market Supervision Administration. After this registration, the company holds a 51% stake in Daren High-Tech, which becomes a controlling subsidiary and is included in the company’s consolidated financial statements. As of the date of this announcement, the transaction counterparts Jiang Zhongwei, Wang Rong, Hao Xianzhu, and Xiong Jing have completed the pledge registration procedures for their equity holdings in accordance with the “Equity Pledge Agreement,” pledging the remaining 49% of the target company’s equity they hold to the company.

(Edited by Ren Shibi)