Kairuide Holdings Co., Ltd. (hereinafter referred to as "the Company" or "Kairuide") held the 55th meeting of its 7th Board of Directors on August 2, 2024, in a combination of in-person and remote formats (the meeting notice was recently delivered via email, phone, and personal delivery). The meeting was attended by 7 directors eligible to vote, with all 7 participating in the voting. The meeting procedures complied with the provisions of the Company Law of the People's Republic of China, the Articles of Association of Kairuide Holdings Co., Ltd., and the Rules of Procedure for Board Meetings, and were legal and valid. The meeting was convened and presided over by Chairman Mr. Ji Xiaowen. After careful deliberation by all attending directors, the following proposals were approved by a named vote:
- The proposal regarding the planning of a major asset restructuring and the signing of the "Equity Acquisition Intent Letter" was approved. The Intermediate People's Court of Jingmen issued Civil Ruling No. (2021) E 08 Min Po 1, approving Kairuide's "Reorganization Plan." The operational plan outlined in the reorganization plan specifies that the Company will leverage the operational resources obtained from this reorganization to acquire high-quality assets with clear business models, stable development directions, obvious profit trends, and reasonable valuations through cash purchases or a combination of cash and share issuance when the timing is appropriate. As of the date of this announcement, the Company intends to acquire no less than 29.0134% equity in Beijing State Grid Power Technology Co., Ltd. from Hainan Qing Intelligent Source Technology Center (Limited Partnership), Mr. Zhou Ziguan, and Beijing Qingying Intelligent Technology Center (Limited Partnership). The purpose of signing the agreement with these parties is to fulfill the operational plan of the "Reorganization Plan."