Reorganize! Conch Group indirectly controls Wanwei Gaoxin!

of November 20, Wanwei Hi-tech announced that on August 30, 2025, Anhui Wanwei Hi-tech Materials Co., Ltd. (Hereinafter referred to as "the company") received a notice from the controlling shareholder Anhui Wanwei Group Co., Ltd. (Hereinafter referred to as "Wanwei Group") that Wanwei Group intends to plan restructuring with other provincial enterprise groups. On 20 November

2025, the Company received a notice from Wanwei Group, the controlling shareholder of the Company, that the Restructuring is proposed to be carried out by way of capital increase to Wanwei Group and gratuitous transfer of part of the equity interests of Wanwei Group and the Company. After the

reorganization, the ownership structure of Wanwei Group will be changed to Anhui Conch Group Co., Ltd. (Hereinafter referred to as "Conch Group"), Anhui Investment Group Holding Co., Ltd. (Hereinafter referred to as "Provincial Investment Group") and Anhui State-owned Capital Operation Holding Group Co., Ltd. (Hereinafter referred to as "Provincial State-controlled Group");

Provincial Investment Group and Provincial State-controlled Group will hold a certain proportion of the shares of the Company, and Wanwei Group will change its shareholding in the Company accordingly, but will still be the controlling shareholder of the Company;

Conch Group will become the indirect controlling shareholder of the Company, but will not result in the change of the actual controller of the Company.

It is reported that in April 2025, Conch Group and Wanwei Group signed a strategic cooperation framework agreement, which will deepen cooperation around consumer building materials, new energy materials, digital transformation and other fields, jointly create a new benchmark for the coordinated development of the industrial chain, and inject new momentum into the construction of "three places and one district" in Anhui.

According to the official website of Wanwei Group, Anhui Wanwei Group Co., Ltd. is a large enterprise under the jurisdiction of Anhui State-owned Assets Supervision and Administration Commission. Its predecessor is Anhui Vinylon Factory, which was founded in 1969 and is a key project invested and constructed by the state during the Fourth Five-Year Plan period. The group has six subsidiaries under its jurisdiction. The core subsidiary, Anhui Wanwei High-tech Materials Co., Ltd., was listed on the Shanghai Stock Exchange in May 1997.

Wanwei Group is an important joint manufacturing enterprise of chemical industry, chemical fiber, building materials and new materials in Anhui Province, with total assets of more than 10 billion yuan, annual sales revenue of 10.206 billion yuan and export earnings of more than 300 million US dollars. The company's main business is the research and development, production and sales of polyvinyl alcohol (PVA) and its derivatives.

In addition, according to cement big data, Wanwei Hi-tech also has a 6000 t/d clinker production line.