Yinhe Electronics: Subsidiary's RMB 220 million structured deposit frozen again upon renewal

Galaxy Electronics announced that RMB 220 million in bank structured deposits under its wholly-owned subsidiary Tongzhi Electromechanical were frozen in November 2024 due to case-handling needs of relevant authorities. The freeze had previously been extended twice, and after the most recent extension expired, it was extended again, with the freeze period now extended to April 22, 2027. As of the date of the announcement, the pre-approval conditions for the formal unfreezing of these funds have not yet been clarified. The frozen amount accounts for 9.94% of the company's latest audited net assets and will have a certain negative impact on Tongzhi Electromechanical's daily production and operations and capital turnover. There is uncertainty as to whether and when the funds can be unfrozen.