Board of Directors of Inovance Technology Co., Ltd.
Statement on Compliance with Article 11 and Non-Applicability of Articles 43 and 44 of the Measures for the Administration of Major Asset Reorganizations of Listed Companies for this Restructuring
Inovance Technology Co., Ltd. (hereinafter referred to as the "Company") proposes to acquire 37.16% of the shares of Shenzhen Honsheng Electronics Co., Ltd. (hereinafter referred to as the "Target Company" or "Honsheng Electronics") by paying cash, and to achieve control over the Target Company through an acting-in-concert agreement (hereinafter referred to as the "Transaction"). Upon completion of this Transaction, Honsheng Electronics will become a controlling subsidiary of the Company.