CHINA UNICOM plans to spin off Zhinet Technology for listing on the Shenzhen Stock Exchange's ChiNext

According to the announcement from China Unicom (00762), considering the current market conditions (including others), the company plans to spin off Zhinet Technology for listing on the Shenzhen Stock Exchange (Shenzhen Stock Exchange) Growth Enterprise Market (this spin-off listing). If the company proceeds with this spin-off listing, it will constitute a spin-off in accordance with the Securities Listing Rules (Listing Rules) of The Stock Exchange of Hong Kong Limited (the Exchange) under Application Guidance 15. The company will promptly submit an updated Application Guidance 15 application to the Exchange. According to relevant Chinese laws and regulations, this spin-off listing still requires approval from the shareholders' meeting of the company's controlling shareholder, China United Network Communications Group Co., Ltd.

The company will take the opportunity of spinning off Zhinet Technology for listing on the Shenzhen Stock Exchange Growth Enterprise Market to continuously improve the modern enterprise system with Chinese characteristics, promote the optimization of innovative factor layout and structural adjustment, and improve the market-oriented operation mechanism. At the same time, the company will focus on strategic emerging industries, continuously enhance the modernization level of the industrial chain and supply chain, and strive to promote quality transformation, efficiency transformation, and power transformation, committed to making Zhinet Technology a market entity with core competitiveness.

This spin-off listing is beneficial for promoting the innovative business development of Zhinet Technology, improving operational quality, and building competitiveness. Through this spin-off listing, Zhinet Technology can leverage the capital market, accurately grasp strategic opportunities in the vehicle networking industry, increase investment in key technology research and development, build specialized and innovative capabilities, cultivate new growth engines, continuously enhance market position and brand value, and further solidify the foundation for high-quality development.

This spin-off listing is a specific measure to deeply implement China Unicom's integration and innovation strategy, which will help optimize the industrial layout and build core competitiveness. At the same time, this spin-off listing will also help to leverage the synergistic effect of business value and market value, releasing the value of China Unicom's years of deep cultivation in the innovation field, creating greater value for shareholders, customers, and society.

This spin-off listing is beneficial for the long-term development of Zhinet Technology. After this spin-off listing, Zhinet Technology will achieve independent listing, and the methods of equity operation and financing channels will be further enriched and expanded, which is conducive to Zhinet Technology achieving high-quality development in the current and long-term stages, integrating vehicle networking business based on its existing leading position, further consolidating competitive advantages, and promoting enterprise scale development