Changhong Jiahua Holdings Limited (Changhong Jiahua) and Hongtu Investment Co., Limited (Hongtu Investment) released their April monthly update detailing progress on Hongtu Investment’s proposed privatization of Changhong Jiahua via a scheme of arrangement under Section 99 of the Bermuda Companies Act.

The proposal remains subject to four non-waivable regulatory approvals in mainland China. Progress to date is as follows:

1. Mianyang City State-owned Assets Supervision and Administration Commission (SASAC) – approval obtained on 24 December 2025, fully satisfying Pre-Condition (a). 2. Sichuan Provincial Development and Reform Commission – application submitted and currently under review. 3. Sichuan Provincial Department of Commerce – application submitted and currently under review. 4. State Administration of Foreign Exchange – application will be filed only after approvals (b) and (c) are secured; no filing has been made yet.

This marks the first formal clearance in the multi-step regulatory process, but Pre-Conditions (b) through (d) must still be met before the scheme can proceed to shareholder and court approvals.

Key timeline reminders: the original Rule 3.5 announcement launching the privatization proposal was issued on 22 September 2025, with subsequent notices on 13 October, 13 November, 12 December 2025 and monthly updates through March 2026. The parties continue to target satisfaction of all Pre-Conditions before the long-stop date specified in earlier filings.

Both boards reiterate that the privatization may or may not be implemented depending on whether all remaining conditions are fulfilled or waived. Shareholders are advised to exercise caution when dealing in Changhong Jiahua shares until further announcements are made.