Group 1 - The company, Sanwei Communication, announced that its subsidiary, Haiwei Tong, will waive its preferential rights to acquire shares and make capital contributions in the investee company, Zhejiang Boxingtong Satellite Communication Co., Ltd. (Boxingtong) [1][2] - Boxingtong's controlling shareholder, Ningbo Bodao Satellite Technology Co., Ltd., plans to transfer 40% of Boxingtong's shares to Ningbo Linfan Enterprise Management Partnership for 8 million RMB, and Boxingtong will increase its registered capital by 60 million RMB [2][10] - After the transaction, Boxingtong's registered capital will increase from 60 million RMB to 120 million RMB, and Haiwei Tong's shareholding in Boxingtong will decrease from 9.95% to 4.975% [2][10] Group 2 - The satellite communication industry, particularly in fishing vessel satellite broadband, is highly competitive and has been experiencing industry-wide losses [2][14] - Boxingtong has been in a state of continuous losses before 2024, with a negative net asset value of -57.4557 million RMB as of December 31, 2024 [10][14] - The management of the company believes that the future development of Boxingtong has significant uncertainty, and the management team needs to take various measures to improve operational conditions [14] Group 3 - The transaction does not constitute a related party transaction or a major asset restructuring, and it does not require approval from the board of directors or shareholders [3] - The transaction is expected to enhance the motivation and creativity of Boxingtong's management team, aligning the interests of Boxingtong and its employees, and improving its financial situation [14] - The company will continue to disclose information in accordance with relevant regulations based on subsequent developments [14]

Overview - The company, Sanwei Communication, announced that its subsidiary, Haiweitong, will waive its preferential rights to acquire shares and make capital contributions in the investee company, Bostong Satellite Communication [1][2]. Group 1: Transaction Details - Bostong Satellite Communication is a company in which Haiweitong holds a 9.95% stake, while the controlling shareholder, Ningbo Boda Satellite Technology, holds 90.05% [1]. - Ningbo Boda plans to transfer 40% of Bostong's shares to Ningbo Linfan Enterprise Management Partnership for 8 million RMB, with a subsequent capital increase of 60 million RMB to be fully subscribed by Ningbo Boda [2][5]. - After the transaction, Bostong's registered capital will increase from 60 million RMB to 120 million RMB, and Haiweitong's stake will decrease to 4.975% [2][5]. Group 2: Financial Performance - Bostong has been experiencing continuous losses, with a negative net asset value of -57.46 million RMB as of December 31, 2024 [5][6]. - The company reported an operating income of 98.51 million RMB for the audited year 2024, with a net profit of 13.76 million RMB [5]. Group 3: Industry Context - The satellite broadband communication industry for fishing vessels is highly competitive and has been facing industry-wide losses in recent years [2][8]. - The business model is capital-intensive with long payback periods and many uncontrollable factors, contributing to the uncertainty of Bostong's future development [6][8]. Group 4: Strategic Implications - The transaction aims to enhance the motivation and creativity of Bostong's management team, aligning their interests with those of the employees, and improving the company's financial situation [8]. - The decision to waive preferential rights was made after considering Bostong's operational status, industry outlook, and the need for team incentives [8].