Xingmin Intelligent Transportation Systems announced that based on the Global Strategy development plan, it intends to transfer its 11% equity (with a subscribed capital contribution of 5.5 million yuan) in Xingmin Haizhi to the actual controller, Gao Henan, for a transfer price of 0 yuan. At the same time, the company intends to waive the right of first refusal for Gao Henan's transfer of 9% equity in Xingmin Haizhi held by Rui Zhiqi. This transaction constitutes a related party transaction and has been approved by the fourth special meeting of independent directors and the seventeenth meeting of the sixth Board of Directors. After the completion of the transaction, Xingmin Haizhi will no longer be a controlling subsidiary of the company, while the company will still hold 40% of the equity in Xingmin Haizhi. This transaction aligns with the company's overall planning and long-term interests and will not adversely affect the company's finances and operations.