, 2026, TCL Zhonghuan issued a voluntary announcement on the sale of assets by subsidiaries. SPT, a wholly-owned subsidiary
of Maxeon, intends to sell 100% of SPMY, a wholly-owned subsidiary of Malaysia, to MFSS for a total consideration of no more than US $51 million (equivalent to about RMB 360 million). This transaction adopts the lock-up price adjustment mechanism, and the transaction consideration is determined based on the financial status of the lock-up date, which is October 31, 2025.
MFSS, registered in Singapore, is a wholly-owned subsidiary of Shenghong Technology, founded in 1988, engaged in the design and production of high-density, multi-layer flexible circuit boards.
The announcement said that the purpose of this transaction is to optimize Maxeon's capital structure, revitalize inefficient assets, enhance its asset liquidity, help to supplement Maxeon's liquidity and enhance its ability to resist risks. It is part of Maxeon's reorganization and integration plan to optimize the allocation of integrated assets and focus on improving operational efficiency.
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