Gelonghui May 16 丨 Fuyin Financing Shares (08452bigspincasino.HK) announced that on May 16, 2024,(i) Subsidiary A(Shenzhen Huixin Zhida Technology Co., Ltd.), a non-wholly owned subsidiary of the company, and the buyer (Zhejiang Xinzhan Communication Technology Co., Ltd., wholly owned by 3D Communications (002115.SZ)) entered into a Subsidiary A Agreement, pursuant to which Subsidiary A conditionally agreed to sell and the buyer conditionally agreed to purchase Subsidiary A's assets for sale at a total consideration of RMB 1.41 million (before tax)bigspincasino; and Subsidiary B(namely Guangdong Yideng Engineering Construction Co., Ltd.), a non-wholly-owned subsidiary of the Company, entered into a Subsidiary B agreement with the buyer, pursuant to which Subsidiary B conditionally agreed to sell and the buyer conditionally agreed to purchase the assets of Subsidiary B for sale at a total consideration of RMB 8.75 million (before tax).

As stated in the company's annual report, in the 5G base station business, faced with the complex and ever-changing market environment, with the gradual promotion and application of 5G technology, the construction of new base stations for the Group's 5G base station business has slowed down. As a result, the growth in the number of new sites and business volume of the Group's 5G base station business is sluggish. In addition, as technology continues to advance and market competition intensifies, the value of base stations is expected to gradually decline. In order to reduce the operation and maintenance costs of base stations and avoid potential losses caused by the decline in the value of base stations, the Group has been actively seeking potential buyers to sell its 5G base stations. The directors believe that the disposal provides the Group with an opportunity to sell assets for sale in order to optimize resource allocation, improve operational quality and efficiency, and is conducive to the overall development of the Group.