According to Zhitong Finance App News, Fuyin Finance Co., Ltd. (08452) issued an announcement. On May 16, 2024, the company's non-wholly-owned subsidiary subsidiary A entered into a subsidiary A agreement with the buyer. Subsidiary A conditionally agreed to sell and the buyer conditionally agreed to purchase subsidiary A's assets for sale (18 base stations built by subsidiary A for use by the operator, including base station equipment and supporting facilities owned by subsidiary A). The total cost was RMB 1.41 million (before tax), subject to the price adjustments of subsidiary A; and subject to the price adjustments of subsidiary A of subsidiary company A; genus Company B entered into a subsidiary B agreement with the buyer. Subsidiary B conditionally agreed to sell and the buyer conditionally agreed to purchase subsidiary B's assets for sale (105 base stations built by subsidiary B for use by operators, including base station equipment and supporting facilities owned by subsidiary B). The total cost was RMB 8.75 million (before tax), subject to subsidiary B's cost adjustments.

According to reports, subsidiary A and subsidiary B are both limited companies established in China and are mainly engaged in communication equipment leasing. As of the date of this announcement, subsidiary A and subsidiary B were both indirectly owned by the Company at 51%.

With the gradual promotion and application of 5G technology, the construction of new base stations for the Group's 5G base station business has slowed down. As a result, the number of newly built sites and business volume growth in the Group's 5G base station business is weak. Furthermore, as technology continues to advance and market competition intensifies, the value of base stations is expected to gradually decline. In order to reduce the operation and maintenance costs of base stations and avoid potential losses due to the decline in base station value, the Group has been actively seeking potential buyers to sell its 5G base stations. The directors believe that the sale provides the Group with an opportunity to sell assets for sale in order to optimize resource allocation, improve operational quality and efficiency, and facilitate the overall development of the Group.