According to the Zhitong Finance App, Xiangshan Co., Ltd. (002870.SZ) announced that since the planning of this major asset restructuring matter, the company has strictly followed the requirements of relevant laws and regulations, actively organized all parties concerned to advance the various tasks of this transaction, hired auditors, evaluation agencies and other intermediaries such as auditors, evaluation agencies, law firms, independent financial advisors, etc., and conducted many rounds of negotiations, repeated communication and prudential verification with counterparties and intermediaries of various parties on the issues involved in the transaction plan. However, due diligence, audit, and evaluation work related to transactions took a long time due diligence, audit, and evaluation work related to the transaction; given recent changes in the external market, according to the current audit progress, it is expected that it will be difficult for the company to complete the reporting process as planned within the validity period of the financial report. Based on the purpose of safeguarding the interests of the company and investors, improving transaction efficiency, and reducing transaction costs, it was decided to terminate this restructuring matter after careful study by the company and friendly negotiations with the counterparty, taking into account factors such as the company's development plan and capital market environment.

Furthermore, the company said that the acquisition of the remaining shares in Junsheng Qunying is an important step in the company's future strategic layout, and the company will restart related acquisitions as soon as possible at a more appropriate time.