Zhitong Finance App News, New Focus (00360) issued an announcement. Newfox Optoelectronics Technology (Shanghai) Co., Ltd. (Newfox Optoelectronics), a wholly-owned subsidiary of the company, recently received a notice from the Shanghai Qingpu Industrial Park Expropriation and Compensation Office. According to the above notice, the land where Newfox Optoelectronics holds the right to use the land located at No. 4589 Waiqingsong Highway, Qingpu District, Shanghai, and the above ground buildings (target properties) are within the scope of land collection and storage, so they may be expropriated. Target properties include 792,000 square meters of land, as well as production plants, office buildings, R&D centers, warehouses and supporting buildings with a total area of 29,900 square meters. As of the date of this announcement, the target property was used for Newfox Optoelectronics's business operations. The land in the target property is for industrial use. Newfox Optoelectronics is the operating entity of the Group's manufacturing industry. Its main business is the production and sale of automotive electronic products, including inverters, chargers, multi-function power supplies, and coolers. As of the date of this announcement, Newfox Optoelectronics has not signed land expropriation agreements with relevant government agencies.

Newfox Optoelectronics will communicate property expropriation matters with relevant government agencies and begin related work in due course, including but not limited to finding or building new alternative production plants and hiring a third party evaluator to evaluate the value of the target property. The management of the company and Newfox Optoelectronics will endeavor to reduce the adverse effects that property expropriation may have on the normal operation of Newfox Optoelectronics, and discuss and decide on property expropriation in accordance with applicable laws and internal systems to make every effort to advance property expropriation matters and ensure that it conforms to the interests of the company and its shareholders.

Since property expropriation is still in its early stages, there is uncertainty about whether the property expropriation will be completed and the impact of the property expropriation (if completed) on the company's business and financial situation.