WieTang Industry (300707.SZ) plans to transfer 49% equity of SnowieTang to further optimize the company's resource allocation.

Intelligent Financial News APP, Weitang Industry (300707.SZ) announced that its wholly-owned subsidiary Weitang Automotive Stamping Technology (Wuxi) Co., Ltd. ("Weitang Stamping") plans to transfer 49% equity of its joint venture company Snoweitang (Wuxi) Auto Parts Co., Ltd. (hereinafter referred to as "Snoweitang") to Scania Manufacturing (China) Co., Ltd. (hereinafter referred to as "Scania") for a transaction consideration of RMB 6.3945 million. After the equity transfer is completed, Weitang Stamping will no longer hold equity in Snoweitang. This transaction is to further optimize the company's resource allocation. The equity transfer this time does not involve changes in the scope of consolidated financial statements, nor will it have a significant adverse impact on the company's production operation and financial condition.