Hailian News announced that its share exchange to absorb the merger of Hangzhou Steam Turbines and related transactions were approved for registration by the Securities Regulatory Commission in September 2025. During the filing period, the right to request a takeover and the right to cash option were exercised without objection by shareholders. Hangzhou Steam Turbine submitted an application for voluntary termination of listing to the Shenzhen Stock Exchange on November 26, which was accepted on December 2. After this share exchange, absorption and merger is completed, Hangzhou Steam Turbine will terminate its listing and cancel its legal personality, and Hailiancun will inherit all of its assets, etc. Currently, the date for terminating the listing of Hangzhou Steam Turbine has not yet been determined. After the listing is terminated, the transfer of B shares to Hailiancun A shares will commence.

Hailian News announced that its share exchange to absorb the merger of Hangzhou Steam Turbines and related transactions were approved for registration by the Securities Regulatory Commission in September 2025. During the filing period, the right to request a takeover and the right to cash option were exercised without objection by shareholders. Hangzhou Steam Turbine submitted an application for voluntary termination of listing to the Shenzhen Stock Exchange on November 26, which was accepted on December 2. After this share exchange, absorption and merger is completed, Hangzhou Steam Turbine will terminate its listing and cancel its legal personality, and Hailiancun will inherit all of its assets, etc. Currently, the date for terminating the listing of Hangzhou Steam Turbine has not yet been determined. After the listing is terminated, the transfer of B shares to Hailiancun A shares will commence.