Gelonghui April 7th 丨Xinhongtai (603016.SH) announced, previously disclosed,The controlling shareholders and actual controllers of the company, Zhao Minhai, and Shen Hua, the co-actor, signed a “Strategic Cooperation Agreement” with Wuxi Industrial Development Group Co., Ltd. (“Industrial Group”) and Wuxi Guosheng Asset Management Co., Ltd., to reach a package arrangement on matters such as Zhao Hanxin's reduction of shares in listed companies and not seeking control, and the restructuring of the board of directors of listed companies (directors nominated and elected by the industry group occupy the majority of the board seats of listed companies) and changes in the actual controller of the listed company.

On February 13, 2023, the Industrial Group received the “Decision on Centralized Anti-Monopoly Examination by Operators Not Implementing Further Examination” (Anti-Enforcement Second Examination Decision [2023] No. 085) issued by the State Administration of Market Supervision and Administration. The State Administration of Market Supervision and Administration decided not to carry out further examination of the case where the Industrial Group obtained control of Wuxi Xinhongtai Electric Technology Co., Ltd. through a contract.

On April 7, 2023, the company held the 2023 First Extraordinary General Meeting of Shareholders and the 12th Meeting of the Fifth Board of Directors. The “Proposal on Election of Directors” and the “Proposal on Election of the Company's Chairman and Vice Chairman” were reviewed and passed separately, and the restructuring of the company's board of directors was completed.

Up to now, the company has completed the relevant matters in the “Strategic Cooperation Agreement”. The controlling shareholders of the company were changed from Zhao Hanxin and Zhao Minhai to the Industrial Group, and the actual controllers of the company were changed from Zhao Hanxin and Zhao Minhai to the State-owned Assets Supervision and Administration Committee of the Wuxi Municipal People's Government.