According to Zhitong Finance App, Quanwei Technology (300716.SZ) announced that in order to optimize resource allocation and reduce management costs, the company plans to cancel the two wholly-owned subsidiaries of Dongguan National Rubber & Plastic Products Co., Ltd. (“National Rubber”) and Fujian Putian National Rubber & Plastic New Materials Co., Ltd. (“Putian Guoli”).

As of December 31, 2023, the company's receivables were 4,4387 million yuan from National Rubber and Plastics, and 43.3396 million yuan from Putian National, all of which were transactions between the company and its daily operations. According to the balance and liability status of the above entities, according to the company's judgment, it is unlikely that the company will recover all of its claims against the above entities, so the total debt of the subsidiary to be cancelled as described above is RMB 477.783 million. The board of directors of the company authorized the company's management or its authorized representative to handle matters relating to the cancellation and debt forgiveness in accordance with legal procedures.