According to the Zhenyang Development announcement, the company is planning to issue A-shares in exchange for absorption and merger by Zhejiang Shanghai-Hangzhou-Ningbo to all of its shareholders. Trading of the company's A-share shares, convertible corporate bonds and share swaps was suspended from the opening of the market on August 20, 2025. The board of directors reviewed and passed the transaction plan and other proposals on September 2, and trading resumed from the opening of the market on September 3. As of the date of disclosure of the announcement, due diligence, audit, and valuation work continued to advance. The transaction plan still needs to be reviewed again by the company's board of directors, approved by the shareholders' meeting, and relevant approval, and there is uncertainty.

According to the Zhenyang Development announcement, the company is planning to issue A-shares in exchange for absorption and merger by Zhejiang Shanghai-Hangzhou-Ningbo to all of its shareholders. Trading of the company's A-share shares, convertible corporate bonds and share swaps was suspended from the opening of the market on August 20, 2025. The board of directors reviewed and passed the transaction plan and other proposals on September 2, and trading resumed from the opening of the market on September 3. As of the date of disclosure of the announcement, due diligence, audit, and valuation work continued to advance. The transaction plan still needs to be reviewed again by the company's board of directors, approved by the shareholders' meeting, and relevant approval, and there is uncertainty.