SMEG: Termination of the absorption merger with Jiayi Venture Capital Company and plans to apply for its bankruptcy liquidation

On February 17th, Shanghai Sanmao Enterprise Co., Ltd. announced that the company will hold the 11th Board of Directors' second extraordinary meeting of 2024 on November 4, 2024, to review and approve the relevant proposals for the absorption and merger of its wholly-owned subsidiary Shanghai Jiayi Venture Capital Co., Ltd., and authorize the management to handle the specific organizational implementation of this absorption and merger. During the implementation phase of the absorption and merger, due to changes in external policy conditions and other factors, the company intends to terminate the absorption and merger of Jiayi Venture Capital Co., Ltd. and plans to apply for its bankruptcy liquidation to achieve relevant reform adjustment goals