Shenzhen Woer Heat-Shrinkable Material Co., Ltd. (WOER) has announced a proposed public offering and transfer of listing for its non-wholly owned subsidiary, Shanghai Keter New Material Co., Ltd., from the National Equities Exchange and Quotations (NEEQ) to the Beijing Stock Exchange (BSE).

Shanghai Keter, of which WOER indirectly controls 78.76%, focuses on R&D, manufacturing, and sales of power-battery safety protection products for new-energy vehicles. All related NEV power-transmission safety products within the WOER Group are handled by this subsidiary.

The transaction is expected to be treated as a deemed disposal under Hong Kong Listing Rule 14.07, with applicable percentage ratios estimated to exceed 5% but remain below 25%. Accordingly, it will be classified as a discloseable transaction, requiring notification and announcement, but not shareholder approval.

WOER confirmed that the move does not constitute a spin-off under Practice Note 15, as Shanghai Keter had been quoted on the NEEQ before WOER’s own Hong Kong listing.

Implementation of the offering and listing transfer remains subject to market conditions and approvals from the China Securities Regulatory Commission and the Beijing Stock Exchange. The company cautioned that the transaction may or may not proceed and advised investors to exercise caution when dealing in its securities.