Jingxin Communications (02342): Terminate the proposed spin-off of Jingxin Network and proposed A-share listing

Zhitong Finance App News, Jingxin Communications (02342) issued an announcement. Due to factors such as major changes in the domestic IPO environment and capital market, the board of directors has decided to terminate the proposed spin-off and proposed A-share listing on the Science and Technology Innovation Board of the Shanghai Stock Exchange in China after considering the latest developments in the macroeconomic and market environment.

In view of the termination, the board of directors announced that on the date of this announcement, Jingxin Guangzhou has entered into separate agreements with these Class G limited partners and these non-G limited partners to repurchase the reward shares held by them. The total cost of all repurchases is approximately RMB 142 million, of which approximately RMB 47 million is the total cost of repurchasing reward shares held by the linked partnership. After all repurchases are completed, the company's shares in Jingxin Network will increase from about 78.7% to about 89.3%, and Jingxin Network will continue to be an indirect non-wholly-owned subsidiary of the company.