Shanghai Hugong announced that the 17th meeting of the fifth board of directors approved the proposal to deregister the wholly-owned sub-subsidiary Nanchang Chenghang Industrial Co., Ltd., and authorized management to handle the relevant deregistration procedures. The company stated that deregistering Nanchang Chenghang will facilitate centralized resource allocation and unified management, will not have a material impact on the consolidated financial statements, and will not harm the interests of the company or shareholders.
Shanghai Hugong Elec(Group)Deregistration of a sub-subsidiary to centralize resources; no material financial impact stated.