On June 12th, Gelunhui announced that Yicheng New Energy (300080.SZ) plans to sell 80.20% of all equity held by its subsidiary Pingmei Longji New Energy Technology Co., Ltd. (referred to as the 'Target' or 'Pingmei Longji') to China Pingmei Shenma Group Co., Ltd. (referred to as 'China Pingmei Shenma') or its controlled enterprises. At the same time, Yicheng New Energy will acquire 100% of the equity transfer in Pingmei Longji Photovoltaic Material Co., Ltd. held by the Target. After the completion of this transaction, Pingmei Longji will no longer be included in the company's consolidated financial statements. The transaction will be paid in cash and will not involve the issuance of shares.

The valuation and pricing of this transaction have not yet been determined. It is expected to constitute a major asset restructuring as stipulated in the 'Management Measures for Major Asset Restructuring of Listed Companies', and the counterparty of this transaction is the company's controlling shareholder, China Pingmei Shenma, or its controlled enterprises.