Asset Appraisal Report
Dongzhou Appraisal Report [2026] No. 1959
Special Note: This asset appraisal report is for reference only for the economic activities described in the report. The following content is excerpted from the main text of the asset appraisal report. To understand the details of this appraisal business and correctly interpret the appraisal conclusion, please read the main text of the appraisal report.
Shanghai Dongzhou Asset Appraisal Co., Ltd. accepted the entrustment and, in accordance with the provisions of laws, administrative regulations, and asset appraisal standards, adhered to the principles of independence, objectivity, and fairness. Using appropriate appraisal methods and following necessary appraisal procedures, it appraised the economic activities. The asset appraisal report summary is as follows:
Client: Shenzhen Star Material Technology Co., Ltd.
Appraised Unit: Bonded Electronic Technology (Yancheng) Co., Ltd.
Purpose of Appraisal: Equity acquisition
Economic Activity: Shenzhen Star Material Technology Co., Ltd. intends to acquire part of the equity of Bonded Electronic Technology (Yancheng) Co., Ltd.
Appraised Object: The total shareholder equity value of the appraised unit.
Scope of Appraisal: The scope of appraisal covers all assets and liabilities of the appraised unit, including current assets, non-current assets, and liabilities. The total book value of assets declared by the appraised unit is RMB 176,592,338.69, the total book value of liabilities is RMB 13,634,959.53, and the book value of owner's equity (net assets) is RMB 162,957,379.16. The total book value of consolidated assets declared by the appraised unit is RMB 178,608,976.65, the total book value of liabilities is RMB 14,983,634.23, and the book value of owner's equity (net assets) is RMB 163,625,342.42. The book value of owner's equity attributable to the parent company is RMB 163,625,342.42.
Value Type: Market Value
Appraisal Base Date: March 31, 2026
Appraisal Method: Income Approach and Market Approach were used. The conclusion of this appraisal report is based on the results of the Income Approach.
Appraisal Conclusion: After appraisal, the total shareholder equity value of the appraised unit is RMB 629,000,000.00.
RMB Six Hundred Twenty-Nine Million Yuan Only.
Validity Period of Appraisal Conclusion: Within one year from the appraisal base date, i.e., from March 31, 2026, to March 30, 2027.
Special Matters:
- Unpaid Registered Capital as of the Appraisal Base Date:
The registered capital of Bonded Electronic Technology (Yancheng) Co., Ltd. is RMB 900.5848 million. As of the appraisal base date, the actual paid-in registered capital from shareholders is RMB 500.5848 million, and the remaining unpaid registered capital is RMB 400.00 million, corresponding to an investment of RMB 400.00 million that has not yet been paid in (including RMB 340.00 million unpaid registered capital by Yancheng Economic and Technological Development Zone Wotao Electronic Technology Co., Ltd., and RMB 60.00 million unpaid registered capital by Yancheng Economic and Technological Development Zone Wotao Enterprise Management Partnership (Limited Partnership)). According to the latest articles of association of the appraised unit, all shareholders' paid-in capital must be fully paid by June 30, 2030. This appraisal conclusion is based on the actual paid-in capital as of the appraisal base date and does not consider the impact of the subsequent capital injection on the appraisal conclusion.
- Shareholder工商 (Industrial and Commercial) Registration Change Completed After the Appraisal Base Date:
In February 2026, the client and the five original shareholders of the appraised unit signed equity transfer agreements and acquired 13.50% of the equity (corresponding to RMB 121.5789 million in registered capital, all of which has been paid in) through market negotiated pricing. The total consideration for this acquisition was RMB 9,106.9750 million. The transfer consideration for each transaction was determined through differentiated pricing and friendly negotiation between the parties, and was not appraised. The equity change of the appraised unit mentioned above has completed the industrial and commercial registration after the appraisal base date. This subsequent event is not expected to have a significant impact on this appraisal.