YUEYUN TRANS (03399) announced on November 28, 2025, that it has entered into an equity transfer agreement with Xiake Smart Mobility, under which Xiake Smart Mobility conditionally agreed to acquire, and the company conditionally agreed to sell, a 59.694% stake in Shaoguan Yueyun for RMB 135 million. Upon completion of the transaction, the company will no longer hold any equity in Shaoguan Yueyun, and its financial results will cease to be consolidated into the company's financial statements.

The rapid development of rail transit, private cars, and ride-hailing services has fundamentally altered travel patterns, leading to a significant contraction in the domestic road passenger transport market. The divestment aligns with the company's strategy to exit underperforming businesses and accelerate the disposal of non-core operations with low strategic relevance.

Shaoguan Yueyun primarily engages in road passenger transport. Since 2020, its profitability has continued to decline, with no foreseeable reversal of this trend. The valuation of Shaoguan Yueyun's equity, conducted using both the income approach and asset-based approach, yielded similar results.

The key benefits of the transaction include strategic loss mitigation and resource optimization. By divesting Shaoguan Yueyun—a high-risk, non-core business misaligned with the company's strategy—YUEYUN TRANS aims to significantly improve asset quality and operational safety. The move will free up valuable management and financial resources, allowing the company to focus on and invest in core businesses with competitive advantages and growth potential.

The decision was made based on strategic, financial, and operational considerations to achieve long-term sustainable development and maximize shareholder value. Shaoguan Yueyun, established in China with a registered capital of RMB 143 million, primarily operates in road passenger and freight transport, taxi services, urban public transport, tourism, and related services.