Chongqing Sanxia Paints (000565.SZ) terminates public listing transfer of 100% equity of its subsidiary Chengdu Yuxia Three Gorges Paint Co., Ltd.

Chongqing Sanxia Paints (000565.SZ) announced that the company's sixth board of directors, fifth board of supervisors, and the first extraordinary general meeting of shareholders in 2024 have approved the transfer of 100% equity of its wholly-owned subsidiary Chengdu Yuxia Paint Co., Ltd. held on the Chongqing United Property Exchange Group Co., Ltd. To deepen the reform of state-owned enterprises, further optimize and integrate company resources, reduce management costs, and improve overall operational efficiency, the company's twelfth board of directors approved the proposal for its wholly-owned subsidiary Sichuan Yuhubei Sanxia New Building Materials Co., Ltd. (hereinafter referred to as "Sichuan New Materials") to absorb and merge with its wholly-owned subsidiary Chengdu Yuxia Paint Co., Ltd. (hereinafter referred to as "Chengdu Yuxia"). In order to advance the absorption and merger of Chengdu Yuxia by Sichuan New Materials, the company's management has decided to revoke the public listing of 100% equity of Chengdu Yuxia Paint Co., Ltd. on the Chongqing United Exchange based on the listing circumstances and the board resolution, and has informed the Chongqing United Exchange. Currently, the listing of this project has been revoked. The termination of the listing will not have a significant impact on the company's normal production and operations. After the completion of the absorption and merger by Sichuan New Materials, Chengdu Yuxia will be legally liquidated, and all its assets, liabilities, and personnel will be taken over by Sichuan New Materials.