Core Viewpoint - The company, Jiaoyun Co., Ltd. (交运股份), plans to conduct an asset swap with its controlling shareholder, Jiushi Group, and its affiliates, involving the exchange of assets in the sports, entertainment, and tourism sectors for its automotive-related assets [1][2] Group 1: Asset Swap Details - The assets to be acquired include 100% equity of Shanghai Jiushi Sports Event Management Co., Ltd., 100% equity of a newly established venue operation company, at least 62.40% equity of Shanghai Jiushi Smart Sports Co., Ltd., 100% equity of Shanghai Pujiang Tourism Group Co., Ltd., and 100% equity of Shanghai Jiushi Performing Arts Co., Ltd. [1] - The assets to be disposed of by Jiaoyun Co. include 100% equity of Shanghai Automobile Repair Co., Ltd., 100% equity of Shanghai Jiaoyun Automotive Power System Co., Ltd., 100% equity of Shanghai Jiaoyun Automotive Precision Stamping Parts Co., Ltd., 80% equity of Shanghai Tonghua Stainless Steel Pressure Vessel Engineering Co., Ltd., 100% equity of Yantai Zhongrui Automotive Parts Co., Ltd., and 100% equity of Shenyang Zhongrui Automotive Parts Co., Ltd. [1] Group 2: Transaction Structure and Regulatory Aspects - The transaction constitutes a related party transaction as the counterpart is Jiushi Group and its affiliates, with both parties being controlled by the Shanghai State-owned Assets Supervision and Administration Commission [2] - The transaction is expected to be classified as a major asset restructuring under the regulations but will not change the controlling shareholder or actual controller of the company [2] - A framework agreement for the asset swap has been signed, and the specific transaction price will be determined based on the assessed value of the assets involved, following due diligence and legal procedures [2]

Core Insights - Lisheng Sports announced that its revenue fluctuations in event operations are related to the seasonal distribution of events, with a concentration of domestic racing events in Q2 2025 and a slight decrease in Q3 2024 compared to Q3 2023, leading to different business volumes in Q3 [2] - Despite the seasonal changes, the overall event operations continued to show growth in Q3 [2] - Venue operations experienced a decline in certain segments due to adjustments and suspensions starting from the end of Q3 2024, but the overall growth for the first three quarters of 2025 remained positive, with event operations compensating for the short-term impacts of venue adjustments [2]