On November 20, Chongqing Rural Commercial Bank announced progress regarding changes in shareholder rights. The bank's major shareholder, Chongqing Yufu Capital Operation Group Co., Ltd. (referred to as "Yufu Capital"), saw its controlling shareholder, Chongqing Yufu Holding Group Co., Ltd., sign a "Voting Rights Entrustment Agreement" with China National Machinery Industry Corporation (referred to as "Sinomach") and Sinomach Instruments (Chongqing) Co., Ltd. (referred to as "Sinomach Instruments"). Additionally, China Silian Instrument and Meter Group Co., Ltd. signed a "Supplementary Agreement to the Equity Transfer Framework Agreement for Chongqing Chuanyi Automation Co., Ltd." with Sinomach and Sinomach Instruments.
Following the execution of these agreements, Sinomach Instruments became the controlling shareholder of Chongqing Chuanyi Automation Co., Ltd. (referred to as "Chuanyi Automation"), while Sinomach assumed the role of actual controller. As a result, Chuanyi Automation will no longer act in concert with Yufu Capital.
Chongqing Rural Commercial Bank stated that it recently received notice from Yufu Capital confirming the completion of the share transfer registration procedures for Chuanyi Automation as outlined in the aforementioned agreements.
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