Zhongnan Red Culture Group has disclosed progress on its major asset restructuring, planning to acquire a 57.30% stake in Jiangyin Sulong Thermal Power by issuing shares and paying cash, along with raising supporting funds. This is expected to constitute a major asset restructuring and a related-party transaction. Since the restructuring plan was disclosed on March 9, 2026, the company and all relevant parties have been actively advancing various tasks, but as of the announcement date, the audit and appraisal work involved in this transaction has not yet been completed. The company will reconvene its board of directors after the relevant work is finished and convene a shareholders' meeting in accordance with legal procedures to review the related matters. This transaction still needs to go through internal decision-making procedures and obtain approval or registration consent from the competent regulatory authorities before it can be implemented. There is considerable uncertainty as to whether it can ultimately be carried out.
Zhongnanhong Culture Group Co LtdMajor asset restructuring to acquire a 57.30% stake in Jiangyin Sulong Thermal Power, but audit and appraisal not yet completed, with considerable uncertainty.
Target of acquisition by Zhongnanhong Culture Group; deal not yet finalized and subject to regulatory approval.