Quzhou Development: Termination of Issuance of Shares for Purchase of Assets and Fundraising Measures

The development announcement of Quzhou stated that the 27th meeting of the 12th Board of Directors of the company reviewed and approved the resolution to terminate the issuance of shares to purchase assets and raise supporting funds and related party transactions. Originally, it was planned to issue shares to purchase 95.4559% of shares of Pioneer Electric Technology and raise supporting funds. Due to the diverse shareholder structure of Pioneer Electric Technology and significant differences among parties in transaction pricing and core terms, it was difficult to reach a consensus, and the controlling shareholder, Pioneer Rare Materials, proposed to terminate the transaction. The termination of this transaction will not have a significant adverse impact on the company's production, operation, and financial condition. The company promises not to plan major asset restructuring within one month, and also plans to hold an investor briefing on May 20th.