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ST King of the Sea: Transfer of controlling subsidiary equity passively results in external financial assistance

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ST King of the Sea Announcement: Due to changes in market conditions, the company's wholly-owned subsidiary Galaxy Investment has signed an "Equity Transfer Agreement" with Shenzhen Zeyang Enterprise Management Co., Ltd., a minority shareholder of Shenye Medical, to acquire 60% of Shenye Medical's equity held by Shenzhen Zeyang Enterprise Management Co., Ltd. After the equity transfer is completed, Shenye Medical still owes the company a principal loan of 80.9158 million RMB plus interest. Meanwhile, the company's wholly-owned subsidiary Anhui King of the Sea Group has signed an "Equity Transfer Agreement" with Liu Yexi, a minority shareholder of King of the Sea Tiancheng, to acquire 80% of King of the Sea Tiancheng's equity held by Anhui King of the Sea Group. King of the Sea Tiancheng still owes Anhui King of the Sea Group, Galaxy Investment, and Heilongjiang King of the Sea a principal loan of 40.5508 million RMB plus interest. Additionally, the company's wholly-owned subsidiary Galaxy Investment has signed an "Equity Transfer Agreement" with Shaoguan Xunmei Jie Communication Equipment Co., Ltd., to acquire 70% of Shaoguan King of the Sea's equity held by Galaxy Investment. Shaoguan King of the Sea still owes the company a principal loan of 5.85 million RMB.
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