ST Changfang announced that through open recruitment and selection procedures, it was determined that the industrial investor selected for the company's out-of-court restructuring was Guochen Optoelectronics Consortium, and the consortium's lead investor was Hangzhou Xinyi Jingyuan Management Partnership. A total of 7 interested investors have signed up for this investor recruitment, including 1 industrial investor and 6 financial investors, all of whom have paid a total registration deposit of 230 million yuan; financial investors will be further determined in conjunction with the selected industrial investors' investment plans. As of the announcement disclosure date, the company has not signed an investment agreement with the investor, and there is significant uncertainty about whether it can be signed. This restructuring falls under the category of out-of-court restructuring. The company has not yet entered bankruptcy procedures such as judicial pre-restructuring or restructuring, and there is uncertainty about whether an out-of-court restructuring plan can be reached in the future.

ST Changfang announced that through open recruitment and selection procedures, it was determined that the industrial investor selected for the company's out-of-court restructuring was Guochen Optoelectronics Consortium, and the consortium's lead investor was Hangzhou Xinyi Jingyuan Management Partnership. A total of 7 interested investors have signed up for this investor recruitment, including 1 industrial investor and 6 financial investors, all of whom have paid a total registration deposit of 230 million yuan; financial investors will be further determined in conjunction with the selected industrial investors' investment plans. As of the disclosure date, the company has not signed an investment agreement with the investor, and there is significant uncertainty about whether it can be signed. This restructuring falls under the category of out-of-court restructuring. The company has not yet entered bankruptcy procedures such as judicial pre-restructuring or restructuring, and there is uncertainty about whether an out-of-court restructuring plan can be reached in the future.